Samsung Pay adds digital cash card and money transfers

Samsung launches its first credit card in collaboration with Mastercard. Called Samsung Pay Cash, it is a virtual debit card that, as the name suggests, is used with Samsung Pay. It can be added to the e-wallet for online or in-store purchases. Samsung is also launching a money transfer service in partnership with Travelex, a foreign exchange company.

Samsung has just added two new features to Samsung Pay, its e-wallet. The manufacturer has teamed up with Mastercard and Nestpend to launch its first bank card. Unlike the Apple Card, this is a virtual debit card that users can add to Samsung Pay for in-store or online purchases.

Samsung Pay Card: how does it work?

Samsung Pay Cash is a new feature for Samsung smartphones that allows you to create a virtual debit card stored in the Samsung Pay app. It is possible to add funds to the card by transferring them from another bank card (debit or credit) or by bank transfer. This is a prepaid credit card, but can only be used in your Samsung Pay wallet. One of his interests is to allow you to add only the money you need to make regular purchases.

"Samsung Pay Cash is an easy way to manage your budget and keep your money in Samsung Pay as money in your wallet," says Samsung in a press release. "We envision a future in which people can leave their money and cards at home, easily deal with common financial problems and earn rewards at the same time." When you use Samsung Pay Cash to make purchases, you earn Samsung Rewards, points that can be redeemed for Samsung products, or earn prizes. For the moment, the new virtual card can only be used in the United States.

Samsung Pay: a new money transfer feature

In addition to its new virtual debit card, Samsung offers a new international money transfer feature between individuals inside Samsung Pay. The manufacturer is embarking on a market already occupied by companies such as Western Union, TransferWise or more recently PayPal with its Xoom service. The recipient of the funds is not required to have a Samsung Pay account. He can recover the money at a withdrawal point or a partner bank. For now, this feature is also available only to US customers. Samsung promises to extend it to other countries.

Source : Samsung