Samsung Wallet Adds Tap-to-Transfer for P2P Payments

Customers anticipate that their money will move as quickly as everything else in their lives, including rides, food, and texts. The process must be quick, safe, and incorporated into daily life, whether sending money to relatives or splitting a bill with pals.

In order to facilitate peer-to-peer payments, Visa and Samsung have partnered to launch the first-ever Tap to Transfer feature for Samsung Wallet in the United States. This feature is powered by Visa’s Tap technology and made possible by the Visa Direct real-time solution platform.

Peer-to-peer (P2P) payments are now made easier with Samsung Wallet in the US thanks to Visa Tap technology and the Visa Direct money transfer service.

According to a news statement issued by Visa on Wednesday, May 21, Samsung has become the first partner to implement Tap to P2P with the launch of this Samsung Tap to Transfer.

According to the announcement, this functionality enables users to transfer money in less than a minute by fostering interoperability among digital wallets. 

Samsung is the first Visa partner to implement Tap to P2P (peer-to-peer) payments with this launch. Regardless of the recipient’s device or digital wallet, Samsung Galaxy users can use Tap to Transfer to send money to friends’ or family members’ bank accounts by simply tapping their phones together or a friend’s participating contactless debit card. This eliminates the need to navigate the app, manually enter card information, wait, and deal with friends who don’t have the same P2P software.

Regardless of the recipient’s device or digital wallet, “Tap to Transfer enables Samsung Galaxy users to send money to the bank accounts of friends or family by simply tapping their phones together or by tapping a friend’s participating contactless debit card,” the released statement stated. “This eliminates the need to navigate the app, manually enter card information, wait times, and deal with the inconvenience of a friend not having the same P2P app.”

By establishing interoperability between digital wallets, Samsung Tap to Transfer enables users to send money to friends or family in less than a minute.

Geraldine Mitchley, vice president and head of Visa Tap worldwide enablement at Visa, stated in the release that Tap to P2P is the newest use of Visa’s Tap technology, which “allows consumers to simply tap their debit or credit cards on NFC-enabled consumer devices, unlocking a number of new Tap innovations from Visa.”

Visa said that in the year ending March 3, the Tap to Phone contactless payment solution, an early use case of this technology, saw a 200% rise in use.

At the time, PYMNTS CEO Karen Webster was informed by Mark Nelsen, worldwide head of consumer products at Visa, that “Tap to Phone is a tech equalizer for business.” When you visit your neighbourhood farmer’s market or some of the biggest stores in the world, they use the same technology to take payments directly from their phones.

According to Visa’s press release on Wednesday, Visa Direct facilitates the transfer of payments using the new Tap to Transfer, working in the background to transfer funds to the recipient’s bank account. 

Customers want to handle their finances as easily as they can get food delivery, request a ridesharing, or send pictures to friends and family. With just a tap, Tap to Transfer offers a quick, safe, and contactless method of transferring funds straight from a Samsung Wallet to a friend’s bank account using their debit card.

Behind the scenes, Visa Direct makes it easier for customers to send money by facilitating the swift and safe transfer of this cash to the recipient’s bank account in real-time.

In the release, Jim Filice, Vice President and Head of NA Money Movement at Visa, stated, “This literally puts the power of money movement in the hands of consumers.” Jim also stated this essentially gives consumers control over the flow of money. With just a tap between phones, you may transfer funds to a bank account in under a minute.” “Under the hood, Visa Direct’s real-time payments aid in the transfer of funds, providing Tap to Transfer with speed, security, convenience, and scale.”

With only a tap, Tap to Transfer enables P2P payments to be made quickly and securely, whether you’re paying a roommate, splitting supper, or paying a family member.

Samsung declared on May 6 that Tap to Transfer would be added to Samsung Wallet this month. The company stated that this P2P payment tool would probably be used for sending friends a piece of a restaurant bill or paying them back for purchasing group tickets.

At the time, Drew Blackard, senior vice president of mobile product management at Samsung Electronics America, stated in a press release that “many users want the flexibility to accomplish their most frequent and important tasks on their mobile device.”