Samsung Pay has been available locally for a little over a year now, with the solution being used to make payments easier via mobile devices, Samsung ones to be precise. Now the South Korean firm has announced a new payment solution called Samsung Pay Cash.
It’s a prepaid virtual card that allows users to only spend the money that is available on it. As such it could prove a handy solution should you want to budget your mobile payment tapping. It could also be useful for parents wanting to give their children some virtual cash, while also ensuring that they do not run wild with the debit or credit card.
Samsung is terming Pay Cash as having “cash in your wallet,” with it being different from a gift card as it can be used anywhere that Samsung Pay is accepted, with Mastercard facilitating the process.
“Unlike a gift card, Samsung Pay Cash can be used anywhere Samsung Pay and Mastercard are accepted – including with ecommerce retailers. And when you use Samsung Pay Cash to shop, you earn Samsung Rewards points; points can be redeemed for Samsung products, instant win prizes, and more,” explains Samsung’s American blog on the announcement.
As such it remains to be seen if Samsung Pay Cash will be launched in the same regions that Samsung Pay has been made available. For now though, Samsung is sweetening the deal for those Stateside by offering $5 worth of credit to the first 20 000 people who sign up for the service.
While it’s unclear if a similar tactic will be used here, one of the other nice features of Pay Cash is the ability to send money to people in other countries, with 47 listed at the moment by the South Korean firm.
Given the maturity of the fintech sector here in South Africa, we can certainly see a solution like this taking off locally, as well as a few financial institutions developing something similar.