When you have a payment wallet, you tend to make impulsive buys just because it’s quick and easy. Services like Samsung Pay make it simpler by enabling contactless payments. Now, Samsung is introducing a new feature to its payments platform called Samsung Pay Cash.
Samsung Pay Cash is a virtual prepaid cash card that you can load up with money and use just like Samsung Pay. It is a result of Samsung’s partnership with Mastercard and Netspend.
The difference between Samsung Pay and the new prepaid card is that unlike the former which gives you unlimited access to funds in your bank account, Samsung Pay Cash can only be used for the set amount loaded in the virtual card.
The new feature will work anywhere Samsung Pay and Mastercard is accepted for contactless payments and magnetic stripe cards. It can even be used for payments on ecommerce platforms.
The card can be topped up using a debit card, credit card, or bank transfer. You will be restricted from spending more than the pre-loaded amount in the virtual card. Samsung says your funds never expire, and there’s no fee for inactivity.
Since the virtual card resides within Samsung Pay itself, it will be protected by Samsung’s Knox security. Knox secures payments by encrypting and securing transactional data on your phone.
The company is offering a limited-time $5 credit in your Samsung Pay Cash account once you complete your registration. It is valid till October 15, 2019 for the first 20,000 qualifying Samsung Pay Card users.
The new feature will only work with Samsung Pay on the Galaxy S6 and above devices.