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News: Samsung Pay Cash with Mastercard - Credit-Land.com

Samsung, Netspend (a leading provider of prepaid cards and consumer payment solutions), and Mastercard partnered to launch Samsung Pay Cash.

Samsung Pay Cash is a new feature of Samsung devises with enabled Samsung Pay. The feature allows to create a virtual Mastercard debit card that will live in your Samsung Pay account wallet. The card works anywhere Samsung Pay and Mastercard are accepted.

Pay Cash allows to add funds to the card, make purchases online and in stores, send money to friends and receive money back. When you pay with Samsung Pay Cash, you earn Samsung Rewards points which can be redeemed for Samsung products and more.

There are two versions of Samsung Pay Cash: Lite and Full. Pay Cash Lite does not give full access, but still allows to add and send funds, and to make purchases online and in-stores. To get access to a Full account, you will need to provide your personal information like date of birth and SSN.

Here are the differences between Lite and Full accounts:

Lite accounts

  • Limited to loading or receiving money one time.
  • Daily: up to eight transactions with a max total that is not to exceed $500.
  • Weekly: up to 10 transactions with a maximum total that is not to exceed $500.
  • Monthly: up to 15 transactions with a maximum total that is not to exceed $500.

Full accounts

  • Able to load or receive funds multiple times.
  • Daily: up to eight transactions with a max total that is not to exceed $1,500.
  • Weekly: up to 10 transactions with a maximum total that is not to exceed $2,500.
  • Monthly: up to 40 transactions with a maximum total that is not to exceed $3,500.

To use Samsung Pay Cash, you must be a U.S resident and at least 18 years of age. The card is not available to Vermont residents.

tags : Online Banking Payment Technologies

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All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.