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Solarisbank, Samsung Electronics, and Visa partner to launch Samsung Pay in Germany

Thursday 24 September 2020 12:33 CET | News

Banking-as-a-Service platform Solarisbank has partnered with Samsung Electronics and Visa to bring mobile payment solution Samsung Pay to Germany. 

After successful registration for Samsung Pay, the user receives a virtual Visa debit card that can be linked to almost any 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 KYC process which does not require a video identification or branch visit. Samsung Pay also includes Solarisbank’s new instalment product Splitpay. Purchases over EUR 100 can be converted into instalments and paid over a period of up to 24 months. 

The actual purchasing process is as follows: with a swipe over the lock or start screen of the smartphone, users can access Samsung Pay directly. The encrypted payment information is then securely transmitted to the card reader via NFC and the payment is settled, according to the official press release. 

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Keywords: Solarisbank, Samsung Electronics, Visa, Samsung Pay, Germany, Banking as a service, platform, mobile payments, Visa debit card, debit card, bank account, Europe, KYC, video id, KYC process, Splitpay, instalments, NFC, smartphone, encrypted payments
Categories: Banking & Fintech | Payments General
Countries: Germany
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Banking & Fintech