Samsung lets German customers link any bank account to Samsung Pay

Wednesday 30 September 2020 13:20 CET | News

Samsung Electronics has announced a partnership with Visa to enable German users to link their personal bank accounts with Samsung Pay and use a virtual Visa debit card for mobile payments.

Users can choose the 24-month instalment payments option using Solarisbank’s Splitpay solution integrated into the Samsung Pay service. The option remains available up to 90 days after a payment has been made. A previous partnership with Solarisbank and Visa meant that Samsung has not had to negotiate with individual German banks to roll out Samsung Pay in the country.

Samsung representatives have states that instead of entering into numerous partnerships with various banks, the company decided to trust in the proven track record and neutrality of Solarisbank

To connect Samsung Pay to a personal bank account, Solarisbank uses a novel and convenient KYC [know your customer] process which does not require video identification or [a] 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.

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Keywords: Samsung, Samsung Pay, Solarisbank, Splitpay, Visa, Visa Debit Card, Germany, bank accounts, KYC, Know Your Customer, video identification, Europe
Categories: Payments & Commerce
Countries: Germany
This article is part of category

Payments & Commerce