Solarisbank, a Berlin-based company, has recently announced its partnership with Samsung Electronics and Visa. The new partnership will enable Germans to experience a flexible and comprehensive mobile payment solution using Samsung Pay.
Solarisbank CEO Dr. Roland Folz is thrilled to work with one of the most valuable brands in the world. He stated,
This partnership demonstrates the innovative strength of our product and tech platform and paves the way for further accelerated growth.
In collaboration with Splitpay, Samsung Pay will provide a novel know-your-customer (KYC) process and integrated installment products in the market. For this, users can leverage a more convenient payment experience as purchases worth EUR 100 can be paid in installments, up to two years.
Subsequently, Solarisbank makes it easy to connect Samsung Pay to a personal account for daily payment through the novel and convenient KYC mechanism that requires no video identification nor branch visit.
In the region, individual users’ are also entitled to obtain a virtual Visa debit card that can be accessed and linked to any German bank account, right after the successful registration has taken place. Meanwhile, this is the first moment Visa extends such services in Europe.
Smartphone users in their interest can easily access Samsung Pay services with just a swipe over the lock or the start screen. Thereafter, with no counterparty-risk, the virtual card reader receives payment information through a Near-Field-Communication (NFC) protocol to accomplish the transaction.
Samsung Electronics GmbH President Man-Young Kim further explained the importance of this partnership,
Instead of entering into numerous partnerships with various banks, we decided to trust in the proven track record and neutrality of Solarisbank.
Aside from the abovementioned remarkable project, Samsung Pay, by their various innovations, illustrates a boom commitment and dedication of Samsung to Banking-as-a-Service (BaaS).