Get money, send money: Galaxy phones can do it too via Samsung Wallet

Don't you like it when somebody sends you money? Isn't it great, when that happens on the phone – very convenient and fast, right? If only Aunt Agatha could send me a fiver by tapping her phone, life would be infinitely more tolerable.

Samsung Wallet is making that easier now that it has the next best thing for us mere mortals. Initially limited to making payments in physical stores, Samsung Wallet has evolved – users can now send and receive money with a simple tap. This new feature is being rolled out in South Korea and may expand to other regions soon.

Samsung has unveiled a fresh feature and it's called "Tap Transfer". It's in its Wallet app, allowing Galaxy smartphone users to exchange money by tapping the backs of their phones. The feature works via NFC and will be enabled through an update to the Samsung Wallet app, informs us the Samsung-oriented site SamMobile.

To use Tap Transfer, Galaxy users need to link their bank account in the app, enter the desired transfer amount, and then tap the back of their phone to the recipient’s. Once initiated, Samsung Wallet prompts the sender for biometric verification (such as a fingerprint, for example).

Currently, the feature is supported by Woori Bank, with plans to add support for other banks soon.

To enhance privacy, the phone numbers of both users are encrypted, showing only the last four digits of the recipient’s number to the sender.

Additionally, users can configure Samsung Wallet to receive money via Tap Transfer even when their phone’s screen is locked.

According to the report, a Samsung Electronics representative said that the company expects the Tap Transfer feature in Samsung Wallet to be particularly useful in scenarios that require swift money transfers. They also mentioned that Samsung plans to continue expanding the app's functions to cover more everyday tasks, including account linking, ATM deposits and withdrawals, and easy transfer services.

In recent updates, Samsung Wallet also introduced a Recharge Card Decoration feature and added support for university student IDs, including those from Ajou University, Sungkyunkwan University, and POSTECH.