Today’s article covers a press release from Samsung about Samsung Pay Cash:
Many of us are turning to our smartphones to manage their most important daily tasks. Now more than ever, more financial to-dos can be handled easily by activating Samsung Pay Cash in the Samsung Pay app. Samsung Pay Cash is an easy way to manage your budget and keep your money within Samsung Pay like cash in your wallet.
Samsung Pay Cash was designed as a ubiquitous payment channel that supports all virtual card types including credit, debit, or prepaid debit. By offering consumers the choice to pick their payment type all consumers, no matter their financial wherewithal, can utilize the convenience of this payment channel.
Netspend’s President, Kelley C. Knutson went on to state:
“By expanding our digital card and mobile wallet technology through this new partnership with Samsung, we are building on our core competency while investing in the future of digital and mobile payments to support customers where they work, live, play and shop. It’s fundamental that we create enhanced financial service experiences that expand beyond today’s prepaid industry capabilities to bring people more convenience, security and control when it comes to spending their money in their own way.”
Like Samsung Pay, Samsung Pay Cash works anywhere Samsung Pay and Mastercard is accepted for contactless payments and magnetic stripe cards, which makes it among the most convenient forms of payment on the market. And it’s secure. Samsung Pay can only be opened by you and it’s protected by the defense-grade security of Samsung Knox and Mastercard token services, which enables you to store and use your card without exposing the 16-digit card number. It is the latest in Samsung’s mission to provide experiences that make people’s lives easier.
Shop Where You Want: Unlike a gift card, Samsung Pay Cash can be used anywhere Samsung Pay and Mastercard are accepted – including with e-commerce retailers. And when use Samsung Pay Cash to shop, you earn Samsung Rewards points; points can be redeemed for Samsung products, instant win prizes, and more.
This is an innovative reward system that is structured in a way that is not only good for points towards a Samsung phone but also for other Samsung product offerings. The list is endless as to the possible variations in rewards received and the types of programs that can be offered uniquely within this payment channel. There could be retailer discounts in addition to earning points!
“We’re excited to continue expanding our solutions with global consumer brands while supporting customizable payments solutions and alternative banking experiences for consumers and small businesses. Netspend plans to expand its robust digital virtual account and mobile wallet platform in addition to supporting perks, such as discounts, rebates, targeted offers, loyalty and rewards programs.” Said Kelly C. Knutson, President, Netspend.
Stick to your budget: Load the week’s grocery money onto the card and shop worry-free or add money each week for an easy way to manage budgets. Samsung Pay makes it easy to top up the card from a debit card, credit card, or bank transfer. Funds never expire, and there’s no fee for inactivity.
Not only can the Netspend card be loaded via debit, credit or bank transfers, cardholders can also add cash by setting up direct deposit of payroll, utilizing an existing prepaid card or receiving P2P payments from other Samsung Pay users- further enabling customers who choose or need to use non-traditional financial services the ability to hold and delegate funds for spending and budgeting. These are additional features that not all prepaid debit cards offer. Netspend’s President, Kelley C. Knutson went on to state …
“Netspend research has found consumers are compartmentalizing their funds in order to manage their finances in ways that are unique to each person, family and small business. To meet this need, the Netspend mobile-integrated digital virtual account allows smartphone users to establish capabilities within their mobile wallet to hold funds for a variety of use cases, including funds transfer, spending, saving and budgeting.”
For a limited time, when users complete the registration for Samsung Pay Cash, Samsung will automatically give load a $5.00 credit in their Samsung Pay Cash account, so they can start using it right away.
Overview by Sue Brown, Director, Prepaid Advisory Service at Mercator Advisory Group