Dr. Roland Folz
Dr. Roland Folz
CEO of Solarisbank
Corporate President & Chief Strategy Officer for Samsung Electronics and Chairman of the Board, HARMAN
The product convinces with its simplicity. After successful registration for Samsung Pay, the user receives a virtual Visa debit card that can be linked to almost any German bank account. This is the first time that Visa is enabling this service in Europe. To connect Samsung Pay to a personal bank account, Solarisbank uses a novel and convenient KYC-process which does not require a video identification or branch visit.
The actual purchasing process is as simple and intuitive as the registration. With a swipe over the lock or start screen of the smartphone, users can access Samsung Pay directly. The encrypted payment information is then securely transmitted to the card reader via NFC and the payment is settled.
President of Samsung Electronics GmbH
To give users as much flexibility as possible, Samsung Pay also includes Solarisbank’s new installment product Splitpay. Purchases over 100 EUR can be converted easily into installments and paid over a period of up to 24 months. This is even possible up to 90 days after the purchase.
The cooperation is a fundamental step in the partnership between Samsung and Solarisbank. In June 2020, Samsung Catalyst Fund participated in the series C round of the Berlin-based company. Visa, who is also an investor, joined during the series B round in 2018. Samsung’s investment in Solarisbank, alongside its development of Samsung Pay, demonstrates the commitment of the electronics company to Banking-as-a-Service.
More information about Solarisbank is available at www.solarisbank.com