Samsung Pay adds digital cash card and money transfers

Samsung Pay Cash wording with Mastercard logo and debit
VIRTUAL CASH: Samsung Pay Cash works anywhere Samsung Pay and Mastercard is accepted for contactless and mag stripe card payments

Samsung Pay users in the US are now able to send international money transfers from within the mobile payments app — and use a new Samsung Pay Cash account to make payments in stores and online “right from the Samsung Pay app”.

“Samsung Pay Cash is a new virtual prepaid cash card in the wallet of your Samsung Pay account,” the company says.

“Like Samsung Pay, Samsung Pay Cash works anywhere Samsung Pay and Mastercard is accepted for contactless payments and magnetic stripe cards.”

“Samsung Pay Cash is an easy way to manage your budget and keep your money within Samsung Pay like cash in your wallet,” Samsung adds.

“Load the week’s grocery money onto the card and shop worry-free, or add money each week for an easy way to manage your budget.

“When you use Samsung Pay Cash to shop, you earn Samsung Rewards points; points can be redeemed for Samsung products, instant win prizes, and more.”

“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,” says Samsung VP Sang W Ahn.

“Shopping is fun, and Samsung Pay Cash is one way we can help empower people to be knowledgeable about where their money is going.”

Transfers

The in-app Money Transfer service, meanwhile, is being introduced in partnership with Finablr, owner of currency exchange and money transfer provider Travelex.

Billed as the “first international money transfer service of its kind within a native mobile wallet in the US”, it will allow Samsung Pay users to make cross-border funds transfers to 47 countries around the world with “a wide choice of payout options tailored to the preferences of the recipient – from bank deposits to cash available for pick up”.

“Our consumers are global and have friends and family around the world,” Ahn adds.

“Money Transfer is a first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient.

“The range of services in Samsung Pay, developed in close collaboration with industry leaders such as Finablr, positions us to positively impact consumers’ everyday financial experiences.”

Smartphone screen showing Samsung Money Transfer transaction
INTERNATIONAL: Money Transfer enables Samsung Pay users to make in-app funds transfers to 47 countries