Owing to the Coronavirus pandemic, cashless transactions are the need of the hour. Samsung has decided to expand its mobile payment platform for users in Germany. The South Korean firm has partnered with Visa and banking-as-a-service platform Solarisbank AG.
The most noticeable feature Samsung is providing to Germans is the capability to use Samsung Pay with almost any German bank account. Instead of relying on a specific bank, or a set of banks, Samsung has partnered with Visa who will issue a virtual debit card to users who sign up. It can then be linked to almost any bank in Germany, which is a first-of-its-kind implementation for a mobile payment platform. The full banking license for Samsung Pay and visa debit virtual card is provided by Solarisbank AG, who are following a convenient KYC (know your customer) process that doesn't require an in-person branch visit or a video identification.
It is the first time Visa is providing such a service in Europe. The novel approach will certainly help Samsung gain edge over the competition, including Apple and Google, who follow the traditional approach of roping in as many banks as possible in the countries they operate, which in turn means limited availability of the service.
Samsung Pay is starting as an open beta service, which can be availed by registering here, though the list of supported smartphones is limited. Only flagships from Note series, Z series, and S series (starting with Galaxy S10) are supported, while the small print notes that Galaxy S10 Lite and Note10 Lite are not supported. The service will be generally available from October 28.