Samsung Electronics has introduced a groundbreaking feature that allows financial information to be processed by simply tapping Galaxy smartphones together, a move that could revolutionize the way users handle money transfers. On Oct. 10, Samsung Electronics announced the “Tap Transfer” feature for Samsung Wallet, which enables account transfers by tapping the back of Galaxy smartphones together.

This new feature, similar to Apple’s “Tap to Pay” already available in the United States and other countries, utilizes Near Field Communication (NFC) technology. NFC is a set of communication protocols that enable two electronic devices to establish communication by bringing them within 4 cm of each other. This technology is widely used for contactless payments and data exchange, making it a secure and convenient option for users.

The Tap Transfer feature will be supported sequentially through app updates to Samsung Wallet, starting with Woori Bank. Samsung explained that even if the recipient’s account number is not known, transfers can be made by simply tapping the phones together, reducing the possibility of erroneous transfers. To make a transfer, the user who wishes to send money enters their password and the transfer amount in the account registered in Samsung Wallet, then taps the recipient’s smartphone. After security authentication such as fingerprint recognition, the transfer is completed. During the Tap Transfer process, the recipient’s account number is encrypted and transmitted to the sender, and only the last four digits of the recipient’s phone number are displayed on the sender’s Samsung Wallet screen.

The recipient can receive the transfer by setting a primary account for receiving funds, even when the phone screen is off and without launching Samsung Wallet. This feature is expected to be particularly useful in situations requiring account transfers, such as splitting bills, direct transactions of second-hand goods, and giving allowances to children.

Samsung Electronics has also introduced additional features targeting customers in their 10s and 20s in Samsung Wallet. The “Samsung Pay Recharge Card Decoration” allows users to personalize their recharge cards using the camera, gallery, and photo editor. A representative from Samsung Electronics stated, “The Samsung Wallet Tap Transfer feature is expected to be useful in situations requiring account transfers, such as splitting bills, direct transactions of second-hand goods, and giving allowances to children,” adding, “We will continue to expand highly utilized features such as ATM deposits and withdrawals, and automatic transfer services.”

Samsung Electronics plans to expand the Tap Transfer feature to major domestic banks by the end of this year, further integrating digital wallets with banking and financial services. This move is part of a broader trend in the tech and financial services industries, where companies are constantly innovating to gain a competitive edge. Features like Tap Transfer are part of this ongoing competition, driven by consumer behavior and technology adoption, especially among younger demographics who are often early adopters of new tech features.

Source:Business Korea