The first time I accidentally left my wallet at home but was able to pay with my Samsung phone instead, it changed my life. For years, in fact, Samsung has been ahead of the curve here with Samsung Pay. With a Samsung phone, I can tap and pay at many retailers that do not even have the tap and pay capability.
I blew the mind of one cashier one day at a gas station when they were trying to tell me that I couldn’t pay with my phone there. I said, “Watch me!” and totally used my phone to pay for my snacks. This feature is unique to Samsung phones, and one of the many reasons I use the devices. The main reason is my beloved Stylus (I rock a Samsung Note 10+)
Last week Samsung announced a new addition to Samsung Pay. You can get a prepaid card that will work with the Samsung Pay app, which will be just like carrying cash around with you.
According to the company, “Like Samsung Pay, Samsung Pay Cash works anywhere Samsung Pay and Mastercard is accepted for contactless payments and magnetic stripe cards, which makes it among the most convenient forms of payment on the market. And it’s secure. Samsung Pay can only be opened by you and it’s protected by the defense-grade security of Samsung Knox and Mastercard token services, which enables you to store and use your card without exposing the 16-digit card number. It is the latest in Samsung’s mission to provide experiences that make people’s lives easier.”
Signing up is easy, and can be done right from your phone. Then you can add a bank account or debit card to help you transfer funds to the prepaid card quickly and easily.
I can really see this working well for teenagers who have a phone but are not ready for credit cards yet. You could transfer their allowance, or money they earn from chores directly to this prepaid card, and then they can use their phone to pay almost anywhere.
Samsung Pay Cash also has P2P features like Venmo or PayPal, where you can split a bill, or pay a friend for the movie you guys watched last week. To utilize the service both parties will be required to use the Samsung Pay app and have Samsung Pay Cash accounts.
For a limited time, if you sign up for the card, Samsung will deposit $5.00 into your Samsung Pay Cash card! There are two types of accounts. When you initially sign up you will be using a Lite account. This account will let you try out Samsung Pay Cash, add funds, send funds through P2P and make online and in-store purchases with the app. While your account is in this status you will only be able to add funds once. After you register your card with more detailed information about yourself (like your social security number) for full access you can add or receive additional funds and request money from other Samsung Pay users.
Using Samsung Pay Cash might be a great way for some people to stay on budget as they won’t be tempted to spend more money than they have. If you haven’t set up your phone for tap and pay yet, I’m telling you now. Someday you will forget your wallet and will be so grateful you can pay with your phone instead!
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