Samsung Pay Introduces Virtual Debit Card And New International Money Transfers Feature
Samsung has teamed up with London-based Finablr on a money transfer feature, which lets American users send funds to 47 countries through host of payout methods from within the Samsung Pay app. Thef eatures will be extended to users in other countries shorthly.
The service taps Travelex owner Finablr's distribution capabilities to let recipients pick up their money through several options, from bank deposits to cash available for pick up.
Sang W Ahn, division head, content and services, Samsung Electronics America commented in a phone interview with Thailand Fintech
News, “Our consumers are global and have friends and family around the world. Samsung is excited to enable users to send money from the US to the rest of world by making it simple, secure and transparent.”
Meanwhile, Samsung has partnered Mastercard and Netspend on Samsung Pay Cash, a virtual card that lets US customers request, send or add money to it through any other card in Samsung Pay. The card can then be used wherever Mastercard is accepted.
Mobile payment apps
probably aren't the best thing to have on your phone if you have a hard time controlling your spending. Samsung has launched a new feature for its application that could help you stick to a budget, though: a prepaid virtual card called Samsung Pay Cash. While you can use your credit card or regular debit card with Samsung Pay, the company says this virtual card is like having "cash in your wallet," because you can only spend what it contains.
The virtual card can be topped up with a credit and regular debit card or through an ACH transfer from an external bank account. You can use it to pay anywhere that accepts Samsung Pay or Mastercard ,even e-commerce retailers, so you have a limit for what you can spend even if you're just at home and shopping online. To promote the new feature, Samsung is giving the first 20,000 Pay Cash users a $5 credit if they register and verify their identity.
Sang W. Ahn, further added, "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. Shopping is fun, and Samsung Pay Cash is one way we can help empower people to be knowledgeable about where their money is going."
Aside from the new virtual card, Samsung also introduced international money transfers for Pay users in the US. It gives you a way to send money to various countries, with the option to deposit directly to bank accounts or to choose a location where the recipient can pick up their money in cash.
By early 2020, the services should be also available to Samsung users all over the world.