Samsung launches its first bank card in collaboration with Mastercard. Called Samsung Pay Cash, it is a virtual debit card that, as its name suggests, is used with Samsung Pay. It can be added to the e-wallet to make online or in-store purchases. Samsung is also launching a money transfer service in partnership with Travelex, a British foreign exchange company.
Samsung has just added two new features to Samsung Pay, its e-wallet. The manufacturer has partnered with Mastercard and the company Nestpend to launch its first bank card. Unlike the Apple Card, it is a virtual debit card that users can add to Samsung Pay to make purchases in stores or online.
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 application. It is possible to add funds to the card by transferring them from another bank card (debit or credit) or by bank transfer. It is, therefore, a prepaid payment card, but can only be used in your Samsung Pay portfolio. One of its benefits is to allow you to add only the money you need to make everyday purchases.
“Samsung Pay Cash is an easy way to manage your budget and keep your money in Samsung Pay as money in your portfolio,” Samsung explains 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. Indeed, when you use Samsung Pay Cash to make purchases, you earn “Samsung Rewards,” points that can be redeemed for Samsung products or give you gifts. For the moment, the new virtual card is only available in the United States.
Samsung Pay: a new money transfer feature
In addition to its new virtual debit card, Samsung offers a new feature for international money transfers between individuals within Samsung Pay. The manufacturer is thus entering a market already occupied by companies such as Western Union, TransferWise, or, more recently, PayPal with its Xoom service. The recipient of the funds doesn’t need to have a Samsung Pay account. He will be able to collect the money at a withdrawal point or a partner bank. For the moment, this feature is also only available to American customers. Samsung promises to extend it to other countries.