Global PaymentsUS-based Global Payments Inc. said it has integrated the technology behind its Netspend general-purpose reloadable Mastercard into Samsung’s digital wallet, Samsung Pay, and will drive its Samsung Pay Cash service.

Samsung smartphone users with Samsung Pay-eligible devices will be able to access an auto-provisioned prepaid card called Samsung Pay Cash. This Netspend mobile-integrated digital Mastercard will allow smartphone users to establish a digital prepaid card within their mobile wallet to hold funds for a variety of use cases, including spending and budgeting, the company said.

“By expanding our digital card and mobile wallet technology through this new partnership with Samsung, we are building on our core competency while investing in the future of digital and mobile payments to support customers where they work, live, play and shop,” said Netspend President Kelley C. Knutson.

“It’s fundamental that we create enhanced financial service experiences that expand beyond today’s industry capabilities to bring people more convenience, security and control when it comes to spending their money in their own way.”

The prepaid card also uses Mastercard token services that enable users to store and use the card without ever exposing card details to ensure safety for digital payments, the Atlanta-based firm added.

“These days, more and more people are turning to their smartphones to manage their most important financial tasks. With Samsung Pay Cash, we’re making it even easier to keep your money within Samsung Pay like cash in your wallet,” said Sang W. Ahn, Vice President & Division Head, Content & Services, Samsung Electronics America. “We envision a future in which people can leave their cash and cards at home, take care of everyday financial matters easily and earn rewards all along the way.”

Netspend’s digital prepaid Mastercard for Samsung, branded as Samsung Pay Cash, is available and automatically provisioned in the wallet in Samsung Pay on all Samsung Pay-eligible mobile phones. The digital card account can be loaded with an in-app tokenized debit or credit card or with an ACH transfer from an external bank account.

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by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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