A moment after the launch of Apple Card, Samsung is rolling out a physical card for its own payment platform as well, and it will reportedly help users with budgeting
Having a mobile payment app makes it easy to carry out transactions on your respective devices, however, on the contrary, it may not be an economical approach to controlling your spending, assuming you deem it fit. Samsung, in an attempt to help people stick to budget-minded spending, has launched a new feature- a prepaid virtual card called Samsung Pay Cash; to help users stick to a budget.
According to Samsung, unlike using your credit card or regular debit card on the company’s payment platform- ‘Samsung Pay’, you will be able to use the new Samsung Pay Cashe both on and off the payment platform. In another description, Samsung referred to the Virtual card as “cash in your wallet,” because you can only spend what it contains.
Also, Samsung revealed that the card can be topped up with a credit or regular debit card through an ACH transfer from an external bank. Assuming you are curious, ACH payments are electronic payments made through the Automated Clearing House (ACH) Network. Funds move from one bank account to another with the help of an intermediary that routes funds to the final destination. Computerized payments can provide benefits to both merchants and consumers.
Moving forward, people who have the virtual card will be able to use the card for payments on the Samsung Pay and any other outlets that accept Samsung Pay or Mastercard, and that includes e-commerce retailers too.
Like I stated initially, the card is purposely created to help people build a better spending habit, hence, there is a limitation to the amount that can be spent using the card. Also, for a start, Samsung is crediting the first 20,000 Pay Cash users with giveaway $5 if they register and verify their identity.
Speaking on the latest development, Sang W. Ahn, Samsung Electronics America’s VP for Content & Services, said that; “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.”
In other stories, Samsung also recently introduced international money transfers for Pay users, although only available in the US for the meantime. According to a reliable source, the international money transfer will enable users to send money across 47 countries with the option to deposit directly to bank accounts or to choose a location where the recipient can pick up their money in cash.