Solarisbank teams up with Samsung Electronics and Visa to launch Samsung Pay in Germany

By Megha Bhattacharya

European Banking-as-a-Service platform, Solarisbank AG has announced a partnership with Samsung Electronics and Visa in a bid to bring Samsung Pay to Germany. With the collaboration, Samsung aims to offer its users with an enhanced mobile payment service in the market.

“We are thrilled to enable Samsung to provide financial services in Germany, as we believe the future belongs to those who leverage the potential of contextual finance. This partnership demonstrates the innovative strength of our product and tech platform and paves the way for further accelerated growth. Samsung is not only one of the most valuable brands in the world, but also a role model in embracing customer-centricity with innovative products such as Samsung Pay,” said Dr. Roland Folz, CEO of Solarisbank.

The newly developed product will allow users to receive a virtual Visa debit card that can be linked to other German bank accounts. To connect Samsung Pay to a personal bank account, Solarisbank uses KYC-process which does not require a video identification or branch visit.

“Instead of entering into numerous partnerships with various banks, we decided to trust in the proven track record and neutrality of Solarisbank. The combination of technological and regulatory know-how for a fast and compliant product development has made a lasting impression on us. This comprehensive version of Samsung Pay is a milestone for us for mobile payment solutions internationally,” said Man-Young Kim, President of Samsung Electronics GmbH.

Solarisbank also stated that Samsung Pay also includes its new instalment product Splitpay. Purchases over 100 EUR can be converted easily into instalments and paid over a period of up to 24 months.