Samsung Pay has gained new capabilities as Samsung has announced the addition of Samsung Pay Cash and the Money Transfer service.
Samsung Pay Cash
The Samsung Pay digital wallet was already compatible with credit cards, debit cards, gift cards, PayPal, and membership cards, but now has a new option: Samsung Pay Cash.
Its concept is similar to a pre-paid credit card. Users would first need to preload their digital wallet with funds before making a purchase. While it appears more cumbersome relative to its existing credit and online payment options, Samsung created Pay Cash as a budgeting tool for spendthrift shoppers.
By uploading a predetermined amount, and using those funds exclusively, users can ensure they do not exceed a strict budget.
It is powered by Mastercard Inc.’s tokenization service, which allows users to store their card information without risking exposing their 16-digit card number.
“We envision a future in which people can leave their cash and cards at home, take care of everyday financial matters easily, and earn rewards all along the way,” said Sang W Ahn, Samsung Electronics America’s vice president for content and services. “Shopping is fun, and Samsung Pay Cash is one way we can help empower people to be knowledgeable about where their money is going.”
Money Transfer
For the first time ever, Samsung Pay users in the U.S. will be able to use the service to send money internationally with the all-new Money Transfer service.
Powered by Travelex, Money Transfer currently allows money to be sent from the States to 47 countries across the world.