Samsung Wallet Introduces ‘Buy Now, Pay Later’ Feature in U.S. Trial — A Significant Development for Larger Purchases
Samsung is responding to a long-awaited user request by launching a highly anticipated feature in its Wallet app — a “Buy Now, Pay Later” (BNPL) option. This initiative is poised to greatly improve the functionality of Samsung Wallet, particularly for users making substantial purchases. Currently in a limited trial phase in the U.S., this feature represents a strategic advancement in Samsung’s mission to compete with digital payment leaders like Google Pay and Apple Pay.
What Is Samsung’s BNPL Feature?
The BNPL feature allows users to divide their purchase payments into smaller, manageable installments over time. This option is especially beneficial for high-value items, enabling consumers to distribute the cost without accruing interest — subject to the terms established by the provider.
Samsung has teamed up with Splitit, a global solution for installment payments, to enable this new functionality. The feature utilizes the NFC (Near Field Communication) technology of Galaxy devices, allowing users to tap to pay and select installment payments directly through Samsung Wallet.
Trial Details: Who Is Eligible?
The BNPL feature is currently accessible via an Early Access Program operating from April 28 to June 6, 2024. However, participation is restricted to users who fulfill the following requirements:
– Must live in one of the designated U.S. states: Arizona, Idaho, Kansas, Louisiana, Maryland, Michigan, Montana, New Hampshire, North Dakota, Oklahoma, Oregon, Tennessee, Utah, or Wyoming.
– Must possess an eligible Visa or Mastercard.
– Must enroll on the waitlist through the Samsung Wallet app.
Users in the aforementioned states will notice an Early Access sign-up button within the app, allowing them to express their interest and potentially access the feature during the trial phase.
How It Stacks Up Against Google Pay
Samsung’s initiative comes as a counter to Google Pay’s earlier implementation of BNPL services. Google Pay users can already utilize third-party providers like Affirm and Zip to manage payment splitting. Nevertheless, Google has cautioned that missed payments might adversely affect users’ credit ratings or initiate collection efforts.
In contrast, Samsung’s strategy appears to be more user-friendly — at least during the trial — as it doesn’t necessitate a credit check for participation. This could render Samsung’s BNPL feature more accessible to users who may not have robust credit histories yet desire flexible payment solutions.
Beyond Payments: Samsung Wallet’s Expanding Ecosystem
The introduction of BNPL is part of a larger initiative by Samsung to enhance the capabilities of its Wallet app. Recent updates have brought digital key support for select vehicle models, including the Volvo EX90 and Polestar 3. Samsung has also extended its support to vehicles from Kia, BMW, Genesis, and even Audi, enabling users to unlock and start their cars using their smartphones.
These improvements suggest that Samsung Wallet is transforming into a comprehensive digital hub — not just for payments, but also for everyday convenience and mobility.
Why This Is Important
The incorporation of BNPL into Samsung Wallet is more than just an additional feature — it’s a strategic move to remain competitive in the digital payments arena. As consumers increasingly pursue flexible payment options, particularly in times of economic unpredictability, BNPL services are becoming essential for digital wallets.
For Samsung, this feature could enhance engagement with its Wallet app, motivate more users to adopt Galaxy devices, and ultimately solidify its position in the mobile payments landscape.
What Lies Ahead?
While the current trial is somewhat limited, it’s probable that Samsung will broaden the BNPL feature to additional states and card types if the initial launch is successful. Users interested in this feature should stay informed about updates within the Samsung Wallet app and consider registering for the waitlist if they meet the eligibility criteria.
In the meantime, Samsung is continuing to fine-tune its Wallet experience, demonstrating a commitment to innovation and user-focused features that simplify and enhance everyday transactions.
In Summary
Samsung’s new BNPL feature is a valuable addition for users aiming to make larger purchases more feasible. With a user-friendly approach and no credit check necessary during the trial, it has the potential to become a prominent feature in the increasingly competitive digital wallet market. As the trial evolves, all attention will be on Samsung to observe how it expands this feature and what new improvements are introduced next.
