Samsung has introduced a new payment option for Samsung Wallet users. The “Tap to Transfer” feature allows Galaxy users to send and receive money with a simple tap. The new tool was recently launched in South Korea and is expected to expand soon to other markets, including the US.
Tap to Transfer in Samsung Wallet makes payments quick, easy, and secure
The new “Tap to Transfer” feature for Samsung Wallet enables Galaxy smartphone users to send and receive money by tapping the backs of their phones. It uses NFC to connect the two terminals and transfer funds. To send money to someone, you first select a bank account registered in Samsung Wallet on your phone, enter the password to unlock it, enter the transfer amount, and tap the back of your phone against the recipient’s phone.
Once the process begins, Samsung Wallet will request biometric verification (such as a fingerprint) to complete the transaction. It automatically pulls the beneficiary account number from Samsung Wallet on the recipient’s phone. The system then encrypts the beneficiary account number and the sender only sees its last four digits. Recipients can set up a representative account to receive money without unlocking their phones.
This not only makes the transfer more secure and convenient but also reduces the risk of mistaken transfers due to entering wrong account numbers. At launch, Samsung Wallet’s “Tap to Transfer” feature is supported by Woori Bank in South Korea. The Korean behemoth expects to expand the feature to all major banks in the country by the end of 2024. A global rollout may follow next year, though Samsung hasn’t specified anything yet.
“We will continue to expand features that are highly useful in daily life, such as account addition, ATM deposit and withdrawal, and transfer services so that users can easily enjoy a convenient mobile financial life with Samsung Wallet,” a company spokesperson said. We will let you know when we have more information.
