Samsung is set to enhance its digital wallet by introducing a new feature called “Installment payments” starting July 25. This feature will be available to users in 21 states and the District of Columbia, allowing them to split in-store purchases into smaller, manageable payments without needing a new account, credit check, or complicated financing steps.
By the end of the year, this service is expected to launch nationwide. Drew Blackard, Samsung’s Senior Vice President of Mobile Product Management, emphasizes that the aim is to make Samsung Wallet as beneficial as possible, transforming your Galaxy phone into a financial companion.
He notes that the installment payments feature adds versatility to the payment experience. The new functionality is powered by Splitit, a payment service provider that utilizes your existing credit card balance for installment plans.
This approach avoids the need for new credit applications. When making an in-store purchase through Samsung Wallet, users will see the “Pay in installments” option under eligible cards.
After the purchase is completed, users have up to 24 hours to choose from four repayment plans, with options for six or eight payments every two weeks or six or nine monthly installments. If users do not select a plan, the full amount will be charged.
However, there are some limitations to consider. Not all banks participate in this service, with Chase-issued cards and American Express excluded.
A minimum transaction of $50 is required, along with a Visa or Mastercard from a participating U.S. bank. Though there’s no credit check, Splitit will perform a basic eligibility check, and the service is currently limited to select states including Illinois, Oregon, and Georgia.
Importantly, while Samsung promotes this feature, it is not the lender. Splitit serves as the financial provider, meaning existing credit card terms, including APR and fees, still apply.
Therefore, users carrying balances should be cautious and read the fine print. Overall, this feature offers a convenient way for Galaxy users to make larger purchases without navigating traditional buy-now-pay-later processes, further enhancing the functionality of Samsung Wallet.
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