Samsung has announced the integration of a Buy Now, Pay Later (BNPL) feature into its Samsung Wallet, enabling users to make in-store purchases through contactless payments and defer payments over time. This initiative, developed in partnership with Splitit, aims to provide consumers with greater flexibility in managing their finances.
Overview of the BNPL Feature
The BNPL option will be accessible alongside users’ existing credit and debit cards within the Samsung Wallet app. When making a purchase, users can select the Pay in Installments option, allowing them to split the cost of their purchase into manageable payments over a specified period. This feature leverages the Near Field Communication (NFC) capabilities of Samsung Galaxy devices, facilitating seamless and secure contactless transactions at physical retail locations.
Eligibility and Participation
To participate in the BNPL program, users must meet certain criteria:
– Residency: Initially, the feature is available to residents of select states, including Arizona, Idaho, Kansas, Louisiana, Maryland, Michigan, Montana, New Hampshire, North Dakota, Oklahoma, Oregon, Tennessee, Utah, and Wyoming. Samsung plans to expand availability to additional states by the end of the year.
– Payment Cards: The BNPL option supports select Visa and Mastercard credit cards issued by participating banks. Users must ensure their cards are eligible and linked to their Samsung Wallet.
– Credit Checks: Notably, Samsung’s BNPL feature does not require a credit check, distinguishing it from some other BNPL services that may impact users’ credit scores.
Implementation and User Experience
The integration with Splitit allows users to manage their installment payments directly within the Samsung Wallet app. After selecting the BNPL option at checkout, users can choose their preferred installment plan. The app provides a comprehensive overview of upcoming payments, due dates, and remaining balances, ensuring transparency and ease of management.
Comparison with Competitors
Samsung’s entry into the BNPL market positions it alongside competitors like Google Pay, which offers similar services through partnerships with providers such as Affirm and Zip. However, Samsung’s approach emphasizes user accessibility by eliminating credit checks and integrating the feature directly into its existing digital wallet ecosystem. This strategy aims to provide a more seamless and user-friendly experience for consumers.
Future Prospects
The BNPL feature is set to launch on July 25, 2025, in the initial select states, with plans for broader availability by the end of the year. Samsung continues to enhance its Wallet app, with recent updates including expanded digital key support for various vehicle brands and the introduction of peer-to-peer payment capabilities. These developments reflect Samsung’s commitment to evolving its digital wallet services to meet the diverse needs of its users.
Conclusion
The introduction of the BNPL feature in Samsung Wallet represents a significant advancement in digital payment solutions, offering users increased flexibility and control over their purchasing decisions. By integrating this feature directly into its digital wallet and eliminating credit checks, Samsung aims to provide a more accessible and user-friendly alternative in the competitive BNPL market.
