Samsung Pay continues to be one of the best mobile payment options available today, more than four years since its launch with a couple of service announcements made this week. Samsung Pay users can use Samsung Pay Cash to manage budgets with this prepaid option and can also make international money transfers through services provided in Samsung Pay by Travelex.
Samsung Pay Cash
Samsung Pay is a comprehensive mobile payment solution with support for credit cards, debit cards, gift cards, PayPal, and membership cards. An update was released for Samsung Pay today that adds Samsung Pay Cash as an option for payments.
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At first, one might wonder why you wouldn't just use your attached debit or credit card to make payments, but Samsung Pay Cash is focused on budget management as it functions as a prepaid service where you load it up and then use it just like cash you have in your wallet. It works just like all other cards once you have fund loaded onto it so you can use it anywhere that Samsung Pay works via NFC or MST.
The idea is that you can put money into Samsung Pay Cash and then more closely manage that money. It is clear that Americans get into trouble with credit cards that have high limits and allow people to spend with few limits, but Samsung Pay Cash is just like cash so there are indeed limits to how much can be spent with this method.
If you sign up for Samsung Pay Cash right now, $5 will be deposited into your account. It is secure with Samsung Knox and Mastercard token services so you can use it without exposing the 16-digit card number.
Money Transfer feature
Many people have friends and family located around the world so transferring money international is a necessary service. Samsung partnered with Finablr group company, Travelex, to provide the Money Transfer service within Samsung Pay. One of the many options available now in the left menu of Samsung Pay is money transfer.
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With Money Transfer, you can send money from the US to 47 countries with digital and physical payout methods available t the recipient. All fees and exchange rates are provided before the transaction is initiated so that you will know exactly how much it will cost to transfer funds too.
Travelex has more than 40 years of experience in international payments and Samsung Pay offers tokenized credentials and Samsung Knox security. The service will be expanded to other countries in 2020.