Samsung is once again following Apple’s lead in their ongoing digital money rivalry, announcing a new digital wallet system called Samsung Pay Cash.
It’s essentially a means of letting users of Samsung Pay, Samsung’s mobile payments system, carry a balance on their Samsung smartphones. A user can load money onto Samsung Pay Cash, and then spend it wherever Samsung Pay and Mastercard are accepted.
In other words, Samsung Pay Cash is an expansion from credit card-linked mobile payments to pre-paid debit.
The name makes Samsung Pay Cash sound like a response to Apple Pay Cash, which was launched in late 2017. But Samsung’s announcement of its new functionality made no mention of peer-to-peer payment functionality, an important component of Apple Pay Cash. So with Samsung Pay Cash essentially being a pre-paid debit mPayment solution, Samsung’s announcement emphasized its convenience in further enabling users to make biometrically-secured (or PIN-secured) purchases using their smartphones.
“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,” commented Samsung Electronics America VP Sang W. Ahn. “Shopping is fun, and Samsung Pay Cash is one way we can help empower people to be knowledgeable about where their money is going.”
Samsung is seeking to encourage the use of Samsung Pay Cash with the promise of Samsung Rewards points that can be accumulated through spending and then exchanged for Samsung products, as well as with a special offer of a $5.00 credit for each of the first 20,000 qualifying Samsung Pay Cash users to sign up.