Latest Samsung Pay Beta Adds International Money Transfers and Prepaid Cash Card Facility
Samsung Pay, without a doubt, is one of the better payment solutions in the market. It is MST-based and can double up as a traditional credit/debit card, giving it a competitive edge over other NFC-based solutions that work only on compatible PoS terminals. Eligible devices can even double up as PoS terminals and accept payments from NFC-based credit cards, thanks to Samsung's earlier update to Samsung Pay. It does, however, cannot send and receive money from other users, and that is set to change today via an update to the Samsung Pay beta app.
Samsung is adding a few new features to make its payment service even better in the form of Samsung Pay Cash virtual debit card and Travelex integration for international money transfers. Samsung Pay Cash allows you to request, send, or add money to your wallet. It allows you to add money through any card linked to your existing Samsung Pay account. Debit card transfers incur a flat $0.25 fee, while credit cards carry a higher 3% fee. You can then use these funds to make payments via MST or NFC and is accepted anywhere MasterCard is accepted.
Samsung Pay now supports international money transfers too
The Samsung Pay beta app now also supports international money transfers. Samsung partnered with the Travelex service to allow you to send money around the world across various currencies. It is especially useful as it lets you bypass the prohibitively high fees that some foreign exchange services charge. One can transfer directly to a bank account, a “premium” transfer service, or start a cash pickup. There is no official list of countries and currencies that are supported just yet.
It'll be a while before these features are available to everyone, as they're still in beta. Currently, they're only available in the Unites States. If you have an eligible device that runs Samsung Pay and want to try these out, sign up for the Samsung Pay beta in the Play Store or by downloading Samsung Pay 3.7.60 and Samsung Pay Framework 3.2.04 from APK Mirror. For a limited time, when you complete your registration for Samsung Pay Cash, Samsung will automatically give you a $5.00 credit in your Samsung Pay Cash account, so you can start using it right away.³
News Source: Samsung