Green Dot to Power Samsung Wallet P2P Payment Service
Green Dot Corporation, the banking-as-a-service provider and registered bank holding company, has announced a partnership with Samsung Electronics to introduce new payment features to Samsung Wallet in the United States.
The collaboration will initially focus on a peer-to-peer (P2P) payment service called "Tap to Transfer", with additional functionality planned for future releases.
The feature will allow Samsung Wallet's reported 12 million US users to transfer funds within minutes to other digital wallets or contactless debit cards.
The service will be powered by Green Dot's Arc platform, a modular embedded finance system that provides banking infrastructure to businesses.
Cross-platform payments innovation
The new Tap to Transfer functionality represents an expansion of Samsung Wallet's capabilities beyond its current payment options.
Samsung Pay, which operates within the Samsung Wallet app, currently enables users to make payments via near-field communication (NFC) technology at compatible terminals.
The coming P2P service will extend this functionality to allow transfers between Samsung Wallet and competing platforms such as Apple Wallet and Google Wallet, as well as any contactless chip-enabled debit card.
Chris Ruppel, Interim President at Green Dot, says: "We are thrilled to partner with Samsung to bring seamless and affordable financial services to their Samsung Wallet users, starting with Tap to Transfer, with more value-driven and user-focused innovations to come."
Samsung Wallet serves as a digital repository for various credentials including bank cards, digital keys, travel passes, driving licences and student identification.
The platform utilises Samsung Knox, the company's security framework, which employs fingerprint recognition and encryption to protect user data.
Embedded finance platform expansion
Green Dot's Arc platform, which will support the new Samsung Wallet features, offers FDIC-insured banking products through Green Dot Bank.
The platform provides regulatory compliance expertise, fraud protection, and access to retail deposit and ATM networks.
The modular, cloud-based system utilises enterprise-grade APIs (Application Programming Interfaces) – standardised protocols that allow different software applications to communicate with each other – and can be configured to meet various business requirements.
Green Dot has operated for more than two decades, providing financial tools to consumers and businesses.
The company manages GO2bank, a digital banking service targeting consumers living paycheck to paycheck, and maintains a network of over 95,000 retail distribution and cash access locations across the US.
The firm also operates rapid!, a wage and disbursement solution serving more than 7,000 businesses, and Santa Barbara Tax Products Group, which processes over 14 million tax refunds annually.
Crystal Bryant-Minter, SVP of Money Movement at Green Dot, comments on the significance of the collaboration.
“Our partnership with Samsung presents an enormous opportunity to bring convenient and instant peer-to-peer payments to Samsung's vast user base,” says Crystal.
“It also exemplifies Arc's potential to power leading brands with seamless, secure financial experiences that deliver real value to everyday consumers.”
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