Samsung earlier announced the launch of a mobile payment service called Samsung Pay Cash, which will allow users to deposit a certain amount of money into this virtual card and use it as a fixed-amount consumption.
With Apple'sApple CashThe situation is a little different. Currently, Samsung Pay Cash seems to be able to be used only as a prepaid card, that is, the amount of money the user deposits on this virtual card will be the actual total amount that can be spent.
This service is a collaboration between Samsung and Mastercard, and uses prepaid card technology provided by Netspend. At the same time, transaction information is protected through ACH encryption technology, allowing users to easily complete payments with this digital prepaid card at places where Samsung Pay or Mastercard credit cards are accepted.
Samsung believes that this design will make it easier for users to control their spending within a fixed period of time, so that they won't find out about overspending when they settle their card payments every month.
However, at present, this design does not seem to be able to be used for specific purposes such as transferring money to others or collecting money from others.
Currently, this service is only available in the United States. It is expected to be available on Samsung devices that support Samsung Pay. It is not yet available in other countries and regions.
