US users can now use Samsung Wallet for instant money transfers via Tap to Transfer feature.
Samsung Introduces Tap to Transfer for Seamless P2P Payments
Samsung has unveiled a new feature called Tap to Transfer, which allows users in the U.S. to send money directly from their Samsung Wallet debit cards to recipients' bank accounts. This innovative feature uses Near Field Communication (NFC) technology for contactless peer-to-peer (P2P) payments.
With Tap to Transfer, users can send money to friends and family, regardless of the digital wallet they use. The recipient doesn't need to have a Samsung Wallet account; they just need a compatible digital wallet or card stored on their device, such as Google Pay or Apple Pay.
Samsung has collaborated with Visa and Mastercard for the Tap to Transfer feature, aiming to make P2P payments quick and convenient. The feature is compatible with multiple digital wallets, including Samsung Wallet, Google Wallet, and Apple Wallet, fostering broader interoperability among the major digital wallets in the U.S.
The Tap to Transfer feature works by connecting to the recipient's debit card stored in their respective digital wallets. It competes with established P2P payment platforms like PayPal and Block, offering a direct card-to-card transfer that's integrated into the Samsung Wallet ecosystem but interoperable with other wallet platforms.
The new Tap to Transfer feature is rolling out in the U.S. and is available on Samsung Wallet-compatible devices running Android 12 or higher. Besides facilitating P2P payments, Samsung Wallet serves as a go-to application for Galaxy phone users, providing a convenient way to store essential items like driver's licenses, credit cards, passes, gym membership cards, loyalty and boarding passes, gift cards, and student ID cards.
It's important to note that a 1.75% transaction fee (minimum $0.25) is expected to apply to the sender in the future. However, Samsung Wallet itself does not charge any fees for the Tap to Transfer feature.
The Tap to Transfer feature is currently limited to the U.S., but it is hoped that it will expand to more countries in the future. For users looking for phone deals for Samsung devices, they can find them on various platforms, including Best Buy, Walmart, Samsung, Amazon, Verizon, and AT&T.
Personal finance just got easier with Samsung's Tap to Transfer feature, utilizing technology like Near Field Communication (NFC) and partnering with Visa, Mastercard, and various digital wallets such as Google Wallet and Apple Wallet, aiming to streamline personal-finance transactions within the U.S. and potentially beyond.
