Samsung Wallet will get peer-to-peer payments, buy now pay later

Samsung’s Wallet App Set to Revolutionize Mobile Payments

Samsung is gearing up to bolster its Wallet app with exciting new features, set to roll out later this year. First on the list is ‘Tap to Transfer,’ a peer-to-peer payment system that will allow users to transmit funds to another device simply by bringing them together. Think of it like Apple’s Tap to Cash, but designed for Android users and compatible with third-party digital wallets.

Here’s how it works: the money won’t be sourced from your Samsung Wallet balance, instead, it’ll be linked to your associated debit card or bank account. This means transactions will be facilitated by Mastercard and Visa, ensuring a secure and reliable process.

Another anticipated feature is ‘Instant Installment,’ Samsung’s take on the buy-now-pay-later trend. Unlike other providers, Samsung isn’t positioning itself as a lender. Instead, it aims to streamline your purchasing experience, both in-store and online, by offering a first-of-its-kind offline payment plan. This will be tied to your Visa or Mastercard credit card, with the Samsung Wallet app serving as your hub for managing the installments.

While the details are still being ironed out, it’s expected that the app will simply help you view and keep track of your upcoming payment plan installments. Stay tuned for more updates on this exciting development, slated to launch around the end of March.