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On the 24th of September Samsung Electronics, Visa and Solarisbank announced a partnership to bring Samsung Pay to Germany. Samsung Pay is one of the most comprehensive mobile payment solutions in the German market with an integrated installment product (Splitpay) and a novel KYC process.
The open beta version of Samsung Pay is available for current flagship smartphones and other supported smartphones after prior registration on the website. From October 28, the new Samsung Pay app will be available for other Galaxy smartphone users.
To offer Samsung Pay to millions of Samsung users in Germany, Samsung is relying on Solarisbank's technical and regulatory infrastructure, creating one of the most comprehensive mobile payment solutions in the market.
Solarisbank AG is a technology company with a full German banking license and regulated by the German Federal Financial Supervisory Authority (BaFin).
From the issuing of virtual Visa cards to our fully digital lending service Splitpay, as well as an all-new identification method, Samsung Pay leverages the full breadth of our Banking-as-a-Service Platform.
Once a user has registered for Samsung Pay, they receive a virtual Visa debit card with which they can make contactless and online payments with a swipe of their finger.
What's special about the virtual Visa card, is that it doesn't require the user to open a new bank account, but instead can be linked to nearly any existing German bank account. This is the first time that Visa is enabling this service in Europe.
To connect Samsung Pay to a personal bank account, Solarisbank uses a novel and convenient KYC process that does not require a video identification or branch visit. Instead, the user's Identity is verified via a micro transaction from their existing bank account. This way, the identification process is not dependent on the availability of a video identification, and can be carried out at any time of day.
What's more, to give users as much flexibility as possible, Samsung Pay also includes Solarisbank’s new installment product Splitpay. Purchases over 100 EUR can be converted easily into installments and paid over a period of up to 24 months. A past purchase can even be converted into installments up to ninety days after it was made. The addition of Splitpay to the Samsung Pay experience gives the user the ultimate financial freedom and truly raises the bar for mobile payment solutions in Germany.