Samsung Wallet adds BNPL management and peer-to-peer payments

by | Jan 27, 2025 | E-commerce News

Alongside the launch of the Galaxy S25 series last week, Samsung announced two updates coming soon to its Samsung Wallet that mirror existing features on iPhones with some improvements. Here's what's new: 

Instant Installment is a new Wallet feature that facilitates customer purchases and turns payments into what Samsung says is “the first offline payment plan experience.” Samsung isn't offering credit to consumers directly, but instead is simplifying the process for users to turn their purchases into installments at checkout and then letting the customer keep track of their installment payments through the Wallet app. Exact details on how it'll work and which BNPL platforms it'll integrate with is still unknown, other than that it'll be available at brick-and-mortar stores or online, with Visa or Mastercard credit cards.

Tap To Transfer is the company's new peer-to-peer payments feature, similar to Apple's Tap to Cash, which allows iPhone owners to hold their phones together to send money to each other. However unlike Apple's solution, Samsung's method will work with third-party digital wallets as well, and rather than tying the transaction directly to Samsung Wallet, the feature works with the debit or credit card linked to the users' Samsung Wallet account.

Although announced at the same time, neither of these features are tied to the launch of the Galaxy S25, but will roll out later this year, likely around March or into Q2. The features will also be available on older Galaxy devices as well, making them accessible to a wide user base right out the gate.

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