What you need to know
- Samsung Pay is adding a virtual debit card and international money transfers.
- The virtual debit card will allow you to add funds to it and can be used anywhere Samsung Pay and Mastercard are accepted.
- The international money transfer service will allow users in the U.S. to send money to 47 countries.
Samsung's mobile payment service, aptly titled Samsung Pay, has a couple of new features for users to get excited about. For starters, Samsung Pay now offers a virtual debit card which you can sign up for within the app.
The virtual card (called Samsung Pay Cash) will allow you to request, send, or add money to it through any card in Samsung Pay. The Samsung Pay Cash card works anywhere Samsung Pay and Mastercard are accepted.
Next up, Samsung will now support sending money internationally. The service is powered by a foreign exchange company called Travelex which is owned by the Finablr payment platform.
While the transaction will be initiated with Samsung Pay, the recipient won't have to be a Samsung Pay user in order to access the funds. Instead, there will be payout options including bank deposits, cash pickup, and premium.
Users of the service will be able to send money to 47 countries, including China, India, Mexico, and the Philippines. When sending money internationally, the service will automatically show you the currency conversion along with any applicable fees upfront before completing the transaction.
Initially, the money transfer feature will launch for users in the U.S. and Samsung plans on expanding it to more countries next year.
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