Green Dot and Samsung partner for wallet app features

PROVO, Utah - Green Dot Corporation (NYSE: GDOT), currently trading at $8.17 and showing signs of being undervalued according to InvestingPro analysis, has announced a new collaboration with Samsung Electronics to enhance Samsung Wallet by integrating peer-to-peer (P2P) payment functionality. This partnership will allow nearly 12 million U.S. users of Samsung Wallet to utilize the new ’Tap to Transfer’ feature, enabling them to transfer funds to other digital wallets or contactless debit cards quickly. The collaboration comes as Green Dot’s revenue reached $1.72 billion in the last twelve months, with a notable revenue growth of 14.7%. For deeper insights into Green Dot’s financial performance and growth potential, investors can access comprehensive analysis through InvestingPro, which offers exclusive ProTips and detailed metrics.

The ’Tap to Transfer’ feature is the first in a series of planned enhancements to Samsung Wallet, leveraging Green Dot’s Arc platform. Arc is an embedded finance platform that provides secure banking and money processing capabilities, aiming to increase value and loyalty for consumers and businesses.

Chris Ruppel, Interim President of Green Dot, expressed excitement about the partnership, highlighting the potential of the Arc platform to bring innovative financial services to Samsung Wallet users. Crystal Bryant-Minter, SVP of Money Movement at Green Dot, also emphasized the opportunity to offer convenient and instant P2P payments to Samsung’s user base.

Samsung Wallet, which includes Samsung Pay, allows users to make secure in-store, in-app, and online purchases using near-field communication (NFC) technology. The ’Tap to Transfer’ feature expands the payment options within the Samsung Wallet ecosystem, facilitating transfers to other NFC-enabled digital wallets and contactless chip-enabled debit cards.

Samsung Wallet is protected by Samsung Knox, a security platform that includes fingerprint recognition and encryption to safeguard users’ data. The wallet app organizes and provides access to essential items like bank cards, digital keys, and identification documents.

Green Dot Corporation, a financial technology and registered bank holding company, has been providing financial tools and services for over two decades. The company’s offerings include GO2bank, the Green Dot Network, Arc by Green Dot, rapid! wage and disbursement solutions, and the Santa Barbara Tax Products Group.

This partnership between Green Dot and Samsung reflects a continued effort to enhance digital wallet functionality and financial technology integration. While the company currently faces profitability challenges, analysts predict a return to profitability this year with an EPS forecast of $1.12 for 2025. The information for this article is based on a press release statement and financial data from InvestingPro, which provides detailed research reports and analysis for over 1,400 US stocks, helping investors make informed decisions through comprehensive market intelligence.

In other recent news, Green Dot Corporation has extended its partnership with Walmart, securing its role in the Walmart MoneyCard program until January 31, 2034. As part of this agreement, TailFin Labs, a joint venture between Walmart and Green Dot, will make a one-time incentive payment of $70 million to RNBW Ventures Inc. The company is also exploring strategic alternatives with the assistance of Citigroup, a move that has led to analyst upgrades. Northland has upgraded Green Dot’s stock to "Outperform" with a price target of $12, while Craig-Hallum has upgraded it to "Buy" with a target of $14, both citing the company’s diverse assets and potential sale value. Leadership changes accompany these strategic moves, with William Jacobs appointed as interim CEO and Chris Ruppel as interim President. Additionally, Kim Olson has been named the new Chief Risk Officer, tasked with enhancing the company’s risk management strategies. These developments come as Green Dot navigates a competitive and regulated environment.

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