Green Dot, a US-based FinTech company known for its embedded banking solutions, has announced a strategic partnership with Samsung Electronics to enhance the capabilities of the company’s digital payments and essentials platform.
The collaboration aims to provide Samsung Wallet users in the US with a new peer-to-peer (P2P) payment functionality, Tap to Transfer, which enables fast and convenient fund transfers within minutes, according to FF News.
The addition of this feature is intended to drive greater usability and value within the app, with further innovations expected as the partnership evolves.
Green Dot is a FinTech company specialising in embedded financial services. Its Arc platform delivers configurable, cloud-based solutions that include FDIC-insured banking products, enterprise-grade APIs, fraud protection, customer support, and access to the largest retail deposit and ATM network in the US.
The Arc platform is designed for scalability and modularity, enabling it to support some of the world’s most recognised brands with seamless financial tools.
Samsung Wallet, which includes the Samsung Pay feature, is a digital platform that allows users to manage and access essentials like payment cards, travel passes, and identification documents securely.
With integrated near-field communication (NFC) support, users can make tap-to-pay transactions and access online purchases with ease. Security is a key feature, with Samsung Knox offering encryption and biometric protections.
Through this partnership, users will soon be able to transfer money from Samsung Wallet not just to other Samsung Wallet accounts, but also to third-party digital wallets like Apple Wallet and Google Wallet, or any contactless chip-enabled debit card. This broader P2P functionality represents a significant expansion of Samsung’s digital finance capabilities.
The new functionality is being powered by Green Dot’s Arc platform, which will support Samsung Wallet’s growth by providing the infrastructure needed to handle secure transactions, compliance, and future service enhancements.
Green Dot interim president Chris Ruppel said, “We are thrilled to partner with Samsung to bring seamless and affordable financial services to their Samsung Wallet users, starting with Tap to Transfer, with more value-driven and user-focused innovations to come.”
Crystal Bryant-Minter, SVP, Money Movement at Green Dot, added, “Our partnership with Samsung presents an enormous opportunity to bring convenient and instant peer-to-peer payments to Samsung’s vast user base. It also exemplifies Arc’s potential to power leading brands with seamless, secure financial experiences that deliver real value to everyday consumers.”
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