Samsung's digital wallet now supports breaking up in-store transaction payments into multiple installments.
Samsung has expanded its digital wallet services with the introduction of a new feature called Installment Payments. This feature, powered by Splitit, allows users to split in-store purchases into smaller, manageable installments using their existing credit, without the need for new credit checks or applications [1][2][3].
The partnership between Samsung Wallet and Splitit, a buy now, pay later (BNPL) provider, marks a significant move in the BNPL space. With this integration, Samsung Wallet users can now opt for installment payments when making in-store purchases with eligible Visa and Mastercard accounts [3].
When making a purchase, users will see a "Pay in installments" option next to their eligible Visa or Mastercard. They can then choose from four payment plan options: six or eight biweekly payments, or six or nine monthly ones [3].
It's worth noting that no new credit or financing plan is required for the Installment Payments feature. If a user fails to choose a payment plan within 24 hours, the full amount will be charged [1].
The Installment Payments feature is currently available in 21 states plus Washington D.C., with plans to roll out across the rest of the U.S. by late 2025 [1][2].
While Samsung Wallet has partnerships with other companies for various services, Splitit is the only company explicitly mentioned as a partner for in-store BNPL installment payments [1][2][3].
This new feature from Samsung Wallet adds competition to other mobile wallets that are also offering installment payment plans. For instance, Google Wallet has partnered with Affirm, Zip, Afterpay, and Klarna to offer installment options for online shopping [5]. Google Wallet recently added Klarna to its list of partners for installment options [6].
The Installment Payments feature builds on the Tap to Transfer feature, further enhancing Samsung Wallet's functionalities [7]. The balance on the card added to Samsung Wallet is used for the Installment Payments feature [1].
[1] Samsung Newsroom. (2022). Samsung Wallet adds Installment Payments feature, powered by Splitit. Retrieved from https://news.samsung.com/global/samsung-wallet-adds-installment-payments-feature-powered-by-splitit
[2] Splitit. (2022). Samsung Wallet and Splitit Announce Partnership to Offer Installment Payments. Retrieved from https://www.splitit.com/news/samsung-wallet-and-splitit-announce-partnership-to-offer-installment-payments
[3] Samsung. (2022). Installment Payments. Retrieved from https://www.samsung.com/us/shop/samsung-wallet/services/installment-payments
[4] Samsung Newsroom. (2021). Samsung Wallet adds Coinbase Commerce integration for seamless cryptocurrency payments. Retrieved from https://news.samsung.com/global/samsung-wallet-adds-coinbase-commerce-integration-for-seamless-cryptocurrency-payments
[5] Google. (2021). Google Wallet adds more payment options for online shopping. Retrieved from https://www.google.com/amplitude/articles/google-wallet-adds-more-payment-options-for-online-shopping/
[6] Google. (2022). Google Wallet adds Klarna as a payment option. Retrieved from https://www.google.com/amplitude/articles/google-wallet-adds-klarna-as-a-payment-option/
[7] Samsung. (2021). Tap to Transfer. Retrieved from https://www.samsung.com/us/apps/samsung-pay/features/tap-to-transfer/
- The new Installment Payments feature on Samsung Wallet, powered by Splitit, allows users to make lifestyle changes by purchasing personal-finance tools like gadgets, smartphones, and more, without needing additional credit checks or applications.
- The integration of Splitit into Samsung Wallet marks a notable move in the buy now, pay later (BNPL) space, providing an alternative to traditional financing for technology-related shopping, such as the purchase of smartphones or tech gadgets.
- With the addition of installment payment options, Samsung Wallet competes with mobile wallets like Google Wallet, which have partnered with companies like Affirm, Zip, Afterpay, Klarna, and others, to offer similar features for online shopping, including personal-finance items like electronics and devices.
