Samsung Wallet could only make mobile payments at offline stores for purchases. However, it can now be used to send and receive money via a simple tap. This feature is being rolled out in South Korea and could be released to other countries in the future.
Use Samsung Wallet’s ‘Tap Transfer’ feature to send and receive money between Galaxy phones
Samsung has announced that it is introducing a new feature called ‘Tap Transfer’ in the Samsung Wallet app. It allows Galaxy smartphone users to send and receive money via tapping the backs of their phones. This new feature works via NFC and will be activated after an update to the Samsung Wallet app.
Galaxy smartphone users who wish to transfer money to someone else via Samsung Wallet need to add their bank account credentials in the app, enter the amount that needs to be transferred, and hold the back of their phone against the back of the other person’s phone. Once the process is initiated, Samsung Wallet will ask for the user’s biometrics (fingerprint).
This feature is currently supported by the Woori Bank, and Samsung has confirmed that it will bring support for other banks soon.
To improve the privacy of both the users involved in the transfer process, the phone numbers of both users are encrypted, and only the last four digits of the recipient’s phone number are displayed to the sender.
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Users can set the Samsung Wallet app in such a way that they can receive money via Samsung Wallet’s Tap Transfer feature even when their phone’s screen is locked.
A Samsung Electronics official said, “We expect that Samsung Wallet’s ‘Tap Transfer’ function to be utilized in situations where account transfers are needed, such as direct transactions for used items and giving allowances to children. We will continue to expand functions with high-use daily tasks, such as account addition, ATM deposits and withdrawals, and transfer service so that users can easily enjoy a convenient mobile financial life with Samsung Wallet.”
Recently, Samsung added the Samsung Pay Recharge Card Decoration feature to Samsung Wallet, allowing users to decorate their recharge cards as per their preferences. Following support for Ajou University and Sungkyunkwan University, Samsung Wallet has also received support for Pohang University of Science and Technology (POSTECH) to add a Univerity Student ID feature.
