By utilising Arc, Green Dot’s configurable Embedded Finance platform, Samsung Wallet’s US users are set to be able to access Tap to Transfer, a peer-to-peer (P2P) capability allowing them to transfer funds from the Samsung Wallet to another digital one or contactless debit card. The two companies intend to introduce more features and functionalities in the upcoming period.
As an Embedded Finance platform, Arc includes all of Green Dot’s secure banking and money processing services developed to support loyalty and expansion for consumers and businesses. The tool enables secure and optimised financial solutions and experiences for companies. By integrating it with Green Dot Bank, Arc equips partners with FDIC-insured banking products and tools, as well as regulatory and compliance knowledge, oversight, and support. Coming as a cloud-based, modular, and scalable offering, the Arc platform focuses on meeting a variety of business needs and objectives, with it being designed to adapt as partners expand.
Teaming up with Samsung enables Green Dot to provide instant P2P payments to the former’s user base while also underlining the fintech’s potential to support brands through secure financial experiences that offer increased value to consumers. Moreover, with Samsung planning to continue to work with Green Dot and utilise the support of the Arc platform, the company seeks to further extend the capabilities of Samsung Wallet, aiming to meet the needs, demands, and preferences of customers across the US.
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