Samsung is expanding its range of services for the German market: five years after the announcement of its own Samsung Pay service, the South Korean industry leader has announced the launch of Germany.
In contrast to Apple Pay and Google Pay Samsung takes a slightly different approach to its payment service so that customers don’t have to wait for their bank to be supported.
Samsung Pay in Germany – with Solarisbank and Visa
After Google Pay can be used on almost every smartphone since mid-2018, Samsung is following suit with its Pay service. Because the acceptance of cashless payments in Germany was accelerated, among other things by the corona crisis, Samsung could show a good knack for the start. Above all, in contrast to Apple Pay or Google Pay, Samsung Pay users do not have to pay attention to whether their bank is supported.
The reason for this is that Samsung has teamed up with the Berlin banking service provider Solarisbank and Visa in order to avoid lengthy negotiations with the many German banking institutions. Solarisbank acts as a kind of intermediary between your own bank, Samsung Pay and the payee. In this way, Samsung enables almost any bank account to be linked to the new service.
Your own card data should be safe with Google Pay and Apple Pay: After successfully registering with Samsung Pay, the user receives a virtual Visa debit card that can be linked to almost any German bank account. So you don’t need a credit card as with other services. To connect Samsung Pay with a personal bank account, Solarisbank uses a new and simple one KYC procedure one that works without video identification or a visit to a branch, explains Samsung. Transactions are made with the Visa Token Technology secured, the company continues. Other payment services also rely on this, the bank details also remain with German banks or Solarisbank, which, as mentioned, acts as a service provider.
Samsung Pay: swipe and pay
The payment process via Samsung smartphone is initiated with a swiping movement on the lock or start screen. This takes the user directly to the app, which can be unlocked using a PIN or fingerprint. If the smartphone is held up to the terminal for the payment process, the encrypted payment information on the virtual debit card is securely transmitted to the card reader via NFC.
The amounts paid by Samsung Pay are paid by Solarisbank and then deducted from the user’s account. According to Samsung, the process can take a few days.
In contrast to Google Pay, due to the partnership with Solarisbank, there is even the option of financing, which is possible from a purchase value of 100 euros. The financing option that Samsung calls Splitpay is part of the Samsung Pay app. Customers who take out financing can pay the amounts in installments between three and 24 months. How high the interest for the installment payment will be was not communicated. It simply says: “’Splitpay’ is a credit line in the form of a consumer loan, the availability of which Solarisbank AG decides on a customer-specific basis. Assuming creditworthiness. “
All transactions made can also be clearly and transparently listed in the app. The so-called payment planner also sounds practical, with which you can set your own budget, compare monthly expenses and summarize them in different categories. In addition, membership and customer cards can be managed in the Samsung Pay app. samsung pay germany
When is Samsung Pay coming and with which devices can the payment service be used?
Samsung Pay will officially start on October 28 for all devices from Samsung’s Galaxy A6, Galaxy S8, Note 8 to Xcover Pro and the latest top models. This does not apply to devices of the Galaxy J and Galaxy M series and rooted devices.
Impatient people with appropriate smartphones can register for an open beta version from September 24th. It is used for the Galaxy S20 and Note-20-Series as well as the Galaxy Z Flip, Galaxy Z Flip 5G, Galaxy Fold 5G, Galaxy Z Fold2 5G and the Galaxy S10– as well as the Note-10-Serie be available. The respective light versions of the Galaxy S10 and Note 10 are not yet supported.
Samsung’s smartwatches of the various generations and model series will not be supported for the time being.