To offer a new way to shop and spend, the new virtual Samsung Pay Cash account is letting users add money and shop online as well in stores with the Samsung Pay app. The offering is described as an easy way to manage a user’s budget and keep his or her money within Samsung Pay, similar to cash in a wallet, according to an announcement from Samsung.
“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,” Samsung Electronics America Vice President and Division Head, Content and Services Sang W. Ahn said in the announcement. “Shopping is fun, and Samsung Pay Cash is one way we can help empower people to be knowledgeable about where their money is going.”
Similar to Samsung Pay, Samsung Pay Cash works anyplace where Mastercard and Samsung Pay are accepted for magnetic stripe cards as well as contactless payments. At the same time, only users themselves can open Samsung Pay. It is also protected by “the defense-grade security” of Samsung Knox as well as Mastercard token services. As a result, users can store and use their cards without exposing their 16-digit card number.
In addition to security, the offering can help consumers stick to a budget. They can load grocery money on to the card and add money each week to shop worry-free. Samsung Pay also makes it easy for consumers to top off the card via a credit card, debit card or bank transfer. And the company said that funds don’t expire, and there is not a charge for inactivity.
The company also pointed out that Samsung Pay Cash can be used anywhere Mastercard and Samsung Pay are accepted, unlike a gift card. In addition, users who tap into Samsung Pay Cash to shop earn Samsung Reward points. Those can be redeemed for Samsung products as well as instant win prizes and more.
Samsung also said it will automatically give users a credit in their Samsung Pay Cash accounts when they complete their registration for the service. The company also noted that the offering was created in collaboration with Netspend and Mastercard.