Samsung Pay and Splitpay to be launched in Germany by Solarisbank.
Solarisbank is a Berlin-based company which helps other companies to offer their own financial services. Via APIs, partners incorporate Solarisbank's modular banking services directly into their own products. The platform offers digital bank accounts and payment cards, identification and lending services, digital asset custody as well as services provided by integrated third-party providers.
European banking as a service platform Solarisbank 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 an enhanced mobile payment service in the market.
The 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 a novel, KYC (Know Your Customer) process which does not require a video identification or branch visit. To give users more flexibility, Samsung Pay also includes Solarisbank’s new pay- by-installment product Splitpay, by which purchases over €100 are converted into instalments and paid over a period of up to 24 months.
Edited by Ramata Diallo