Samsung has partnered with Mastercard and Netspend to bring the new Samsung Pay Cash, a virtual prepaid cash card, to its mobile payment wallet.
The new feature enables users to add money and carry out both in-store and online transactions. It can be used at all businesses that accept Samsung Pay and Mastercard for contactless and magnetic stripe card payments.
Samsung Pay Cash is backed by Samsung Knox and Mastercard tokenisation service, which allows customers to store and use payment cards without revealing the actual 16-digit card number.
Samsung Electronics America vice-president and division head of Content & Services Sang Ahn said: “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.”
Customers will be able to gain Samsung Rewards points with Samsung Pay Cash transactions. The points can be redeemed for Samsung products, among others.
Samsung added that the new feature also facilitates budget management by allowing loading and storing of money. The virtual prepaid card can be loaded with a debit or credit card, or bank transfer.
In February this year, Samsung signed multiple partnerships to expand the reach of Samsung Pay in the UAE, which is the first Middle East country to launch the payment platform.