Intriguing change coming to Samsung phones today
Exclusive: Millions of Samsung phone users will now have access to new credit card deals and be able to switch to them in the palm of their hand.
A new partnership between Samsung and Finder from today will mean consumers will be able to access a new credit card shopping feature through the Samsung Pay app.
The feature, called Promoted Cards, will enable consumers to search credit card offers from participating financial institutions.
Users can filter offers based on the categories of their choice including balance transfer, frequent flyer, rewards program, no annual fee and low interest rate.
Once an offer is selected, users can click to complete their application.
The feature will be available to all Australian Samsung Pay users from today with the phone's latest software update.
The move comes as digital wallets are rapidly growing, and Samsung has a similar smartphone credit card offering in other countries like South Korea, France, Switzerland, Mexico and Malaysia.
A recent PayPal report also stated 55 per cent of consumers have used their smartphones to make tap-n-go payments in stores or physical locations, a figure that rises to 81 per cent of the nation's youngest shoppers, Generation Z.
Mark Hodgson, Head of Samsung Pay Australia told News Corp this year the number of transactions taking place through Samsung Pay have doubled.
"Promoted Cards enables Samsung Pay users to easily and conveniently discover and apply for some of the most competitive credit card offers available through the app they already use and trust to pay, all on the go," he said.
Mr Hodgson confirmed consumers will be offered credit card deals from American Express, Citibank and Virgin Money from today, and they hope to add more issuers over time.
"It's been well received by users (globally), they can now see if there's a card that better suits their needs.
"There's also an emerging trend of instant cards, where people are issued cards in a matter of minutes or hours as opposed to getting it in the mail in 3-5 days, getting a digital version of the card is definitely a trend we want to be apart of.
"Creating a digital wallet that replaces a physical wallet enhances the experience over what a simple plastic card can have."
Mr Hodgson added the phone and app both have multiple layers of security to protect one's personal information on top of a fingerprint or iris scan to authenticate payments.
Finder Co-Founder and Director Frank Restuccia told News Corp the new credit card offers in the app will enable consumers to make better financial decisions.
"AMEX and Citibank and Virgin Money have some of the most competitive deals in the market," he said.
"Finder works with all major brands including the big four (banks) and we've had strong interest and we're working hard to get these other offers into the app."
Mr Restuccia said it will be only a matter of time before they can apply for a credit deal through the app and get access to it faster.
A recent Finder survey of 7,003 Australians found 68.7 per cent (13.3 million) have a credit card, which equates to 1.4 cards per person.
"Savvy consumers will have more than one credit card and not be with just one bank," he said.
"You'll be able to optimise how you transact on credit with multiple cards via the digital wallet instead.
"Every person is different and if you're spending a lot on groceries and fuel you can find a good rewards card and get frequent flyer points, but you can also find a card with low foreign transaction fees too."