Samsung Pay Cash announced: Meet Samsung’s virtual prepaid card
Samsung has announced Samsung Pay Cash, a virtual prepaid card wallet for the company’s mobile payment service. Using Samsung Pay Cash, owners of Galaxy smartphones will be able to keep money in the Samsung Pay app as they would keep cash in a wallet and use it at stores both online and offline just like they would use a debit card issued by an actual bank.
Samsung Pay Cash will work anywhere Samsung Pay and Mastercard cards are supported. The Korean giant thinks it’s a great way for users to manage their budget as they can simply load money onto Samsung Pay Cash and use that for grocery and other shopping instead of going wild and using their credit cards for every purchase. Virtual wallets are not new by any means, but Samsung’s implementation is special in that it can be used at NFC and traditional magnetic payment terminals at retail stores just like a regular credit or debit card.
Samsung Rewards points will be earned by anyone using Samsung Pay Cash for payments, and the company is even offering a free $5 credit to the first 20,000 users who register for what it calls the Samsung Pay Card. Samsung will decide the upper limit for how much cash can be stored and used, although it doesn’t go into details on how those limits will be decided. It also seems the service is currently limited to the US, just like the Money Transfer service Samsung announced earlier this week.