Samsung has introduced Samsung Pay Cash, a virtual cash wallet that can be used for shopping. Samsung Pay Cash works where Samsung Pay and Mastercard are accepted. In terms of security, Samsung Pay Cash uses Samsung’s Knox and Mastercard token services that store the card details securely without exposing the 16-digit card number.
Samsung Pay Cash is not restricted to a brand or an outlet and hence can be used anywhere Samsung Pay and Mastercard are accepted, this includes e-commerce retailers as well. Samsung Pay Cash also provides you Samsung Rewards points that can be redeemed for Samsung products, instant prizes, and more.
One can set their budget in the Samsung Pay Cash and load exactly the same amount. This enables controlled purchase and can be easily topped up using a debit card, credit card or even a bank transfer. To promote this, Samsung is offering a USD 5.00 credit in your Samsung Pay Cash account once you register for the same. However, this is subject to certain terms and conditions and also only available for the first 20,000 qualifying Samsung Pay Card users. Samsung Pay Cash is created in collaboration with Mastercard and Netspend, a provider of prepaid cards and consumer payment solutions.