Mobile payment applications possibly are not the best thing to have on your handset if you have a difficult time managing your spending. Samsung has rolled out a new function for its apps that can assist you stick to a budget, however: Samsung Pay Cash (a prepaid virtual card). While you can employ your normal debit card or credit card with Samsung Pay, the firm claims this virtual card is like having “money in your wallet,” since you can only shell out what it has.
The virtual card can be recharged with a regular debit or credit card or via an ACH transaction from an external bank account. You can employ it to pay wherever that accepts MasterCard or Samsung Pay—even e-commerce vendors, so you have a restriction for what you can shell out even if you are just shopping online or at home. To market the new function, Samsung is offering the first 20,000 Pay Cash consumers a credit of $5 if they enroll and confirm their identity.
On a related note, Samsung also launched international money transfers in the US for Pay consumers. It offers you a method to send cash to 47 nations, with the choice to deposit squarely to bank accounts or to select a location where the user can receive their money in cash.
Consumers of Samsung Pay in the US will be capable of transferring money to accounts in 47 nations comprising Mexico, India, the Philippines, and China with payout options comprising cash collection and bank deposits. Samsung claims this will be the first in-app global money transfer platform for consumers in the US with a native mobile wallet. Mobile payments platforms are well-liked in nations such as China and India but not so much in Northern America or Europe.