Samsung Wallet's US money transfer feature relies on Green Dot's Arc platform

Samsung announced yesterday that Samsung Wallet will enable users in the United States to seamlessly send money to friends and family using Tap to Transfer later this month. This simplifies person-to-person transfers without needing a third-party app like Venmo or Cashapp.

More information has been revealed regarding the platform that's powering Samsung Wallet's Tap to Transfer feature. It uses Green Dot's Arc platform which enables rapid funds transfers from Samsung Wallets to other digital wallets and contactless debit cards.

Arc is a finance platform that's embedded with all of Green Dot's banking and money processing services. Samsung joins the countless other leading brands that use Green Dot's financial tools to deliver enhanced finance experiences to their customers.

This underlying platform will enable Samsung Wallet users to transfer funds within minutes to not just other Samsung Wallet users, but to those who use third-party wallet apps as well. It's as easy as tapping your phone with theirs.

Funds can also be transferred directly to chip-based debit cards that support tap to pay, by simply tapping the device with Samsung Wallet to the card. All of this is done securely over NFC. This may not be the full extent of functionality that Greendot's Arc platform is enabling for Samsung Wallet.

The company mentions in its press release that additional features and functionality are planned for Samsung Wallet. Samsung has only said that the Tap to Transfer feature will be live “later this month,” but an exact launch date hasn't been provided yet.