Samsung Pay Cash launches with Mastercard

Our mobile phones have become the epicenters of our lives. Today, we connect with friends, watch shows, hail cabs, reserve restaurants, buy things and pay each other all via our mobile devices. In fact, nearly four billion people – half the global population – are expected to use their devices to pay by 2024, according to Juniper Research. 

Mastercard is partnering with Samsung and Netspend, a manager of prepaid and debit card programs, to launch Samsung Pay Cash.

Samsung Pay Cash is powered by a new virtual prepaid Mastercard and secured by Mastercard tokenization service, which lets consumers store and use their cards without exposing their 16-digit card number. It’s the same service that already secures Samsung Pay.

And like Samsung Pay, Samsung Pay Cash works wherever Mastercard and Samsung Pay contactless payment, and magnetic stripe cards are accepted – in store and increasingly at public transit turnstiles – making it one of the most convenient and widely accepted forms of payment on the market.

„It’s an easy way to manage budgets, keep money within Samsung Pay and earn rewards along the way.”, Mastercard said.

Samsung Pay Cash can be activated from the Samsung Pay app on all Samsung Pay-eligible mobile phones in the U.S.

Meanwhile, Samsung has teamed up with London-based Finablr on the money transfer feature, which lets American users send funds to 47 countries through host of payout methods from within the Samsung Pay app.

The service taps Travelex owner Finablr’s distribution capabilities to let recipients pick up their money through several options – from bank deposits to cash available for pick up.

“Our consumers are global and have friends and family around the world. Samsung is excited to enable users to send money from the US to the rest of world by making it simple, secure and transparent,” says Sang W Ahn, division head, content and services, Samsung Electronics America.