Samsung has announced that, starting later in May, a new Tap to Transfer feature will be introduced to Samsung Wallet, enabling peer to peer (P2P) payments in the US.

The feature is intended to streamline everyday money transfers, such as reimbursing a friend for group tickets or splitting a meal bill.

Payments are processed within minutes, eliminating the need to wait for traditional bank transfers.

Transfers can be initiated simply by tapping.

In partnership with Visa and Mastercard, the feature allows users to send money using a debit card saved in Samsung Wallet.

Recipients do not need to install a separate application.

Instead, Samsung Wallet uses near field communication (NFC) technology to connect with the recipient’s debit card stored in a digital wallet.

It is also possible to send money to individuals without a digital wallet, as long as they have a physical debit card that supports tap to pay.

Samsung Wallet connects to the chip in the card in a similar way to contactless payments made in shops.

If the recipient is not nearby but uses Samsung Wallet, the sender can search for their Samsung account by phone number and complete the transfer remotely.

“Samsung Wallet is a powerful tool readily available on millions of Galaxy smartphones, and with this update, we’re taking the experience to the next level,”

said Drew Blackard, Senior Vice President of Mobile Product Management at Samsung Electronics America.

“Many users want the flexibility to accomplish their most frequent and important tasks on their mobile device. Samsung Wallet will help make payments to friends and family quick and convenient.”

Samsung Wallet brings together various forms of digital information in one location on a mobile device.

This includes items such as drivers’ licenses, credit cards, boarding passes, loyalty cards, gym memberships, and gift cards.

For some users, particularly students, this can also include student identification cards.

Featured image credit: Samsung