This past week, Green Dot (NYSE: GDOT) announced a new partnership with Samsung Electronics to add new features and functionality to Samsung Wallet. Leveraging Green Dot’s configurable embedded finance platform, Arc, Samsung Wallet’s U.S. users will soon have access to Tap to Transfer, a peer-to-peer (P2P) tool enabling users to transfer funds within minutes from Samsung Wallet to other digital wallets or contactless debit cards, with additional features and functionality planned.
“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,” said Chris Ruppel, interim president at Green Dot. “Samsung’s long history of innovation has established them as a powerful player in financial technology, and we look forward to growing the Samsung Wallet product with them through the power of our Arc platform for years to come.”
Arc is the embedded finance platform of services featuring all of Green Dot’s secure banking and money processing capabilities. It powers some of the world’s most trusted brands and thousands of other businesses with seamless, secure and useful financial tools and experiences.
Integrated with Green Dot Bank, Arc provides partners with FDIC-insured banking products and tools, plus regulatory and compliance oversight and support. The Arc platform is cloud-based, modular and scalable by design – configurable to meet a wide range of business needs and goals, and flexible to adapt as our partners grow. Arc’s end-to-end banking services are powered by enterprise-grade APIs and offer partners access to customer support, fraud protection, and a U.S. retail deposit and ATM network.
“Our partnership with Samsung presents an enormous opportunity to bring convenient and instant peer-to-peer payments to Samsung’s vast user base,” said Crystal Bryant-Minter, SVP of money movement at Green Dot. “It also exemplifies Arc’s potential to power leading brands with seamless, secure financial experiences that deliver real value to everyday consumers.”
Samsung Pay allows users to tap to pay with Samsung devices anywhere near-field communication (NFC) is available, making in-store payments quick and secure and also allowing in-app and online purchases at participating merchants. Tap to Transfer expands payment options available to Samsung Wallet users by enabling P2P transfers not only between Samsung Wallet, but also third-party tokenized NFC card-based wallets like Apple Wallet or Google Wallet and any other contactless chip-enabled debit card.
The Samsung Wallet platform is protected by Samsung’s security platform, Samsung Knox, which includes fingerprint recognition and encryption to make sure users’ important data is protected.
