Samsung Pay Cash Lets Users Complete Purchases Using Available Money
Michael Hemsworth — October 5, 2019 — Business
References: news.samsung & geeky-gadgets
Digital payments have quickly become quite popular amongst consumers who appreciate the ability to leave their physical wallet at home, so Samsung Pay Cash has been launched to help further expand the functionality.
The digital payment method works by having users add money to the Samsung Pay app from their bank account to let them use it both online and in retail stores for purchases. This eliminates the need for a credit card to enable users who might be debt averse and who prefer to pay for their purchases with cash that's immediately available in their account.
Vice President and Division Head, Content & Services, Samsung Electronics America Sang W. Ahn spoke on the new launch saying, "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. Shopping is fun, and Samsung Pay Cash is one way we can help empower people to be knowledgeable about where their money is going.”
The digital payment method works by having users add money to the Samsung Pay app from their bank account to let them use it both online and in retail stores for purchases. This eliminates the need for a credit card to enable users who might be debt averse and who prefer to pay for their purchases with cash that's immediately available in their account.
Vice President and Division Head, Content & Services, Samsung Electronics America Sang W. Ahn spoke on the new launch saying, "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. Shopping is fun, and Samsung Pay Cash is one way we can help empower people to be knowledgeable about where their money is going.”
Trend Themes
1. Increased Use of Digital Payments - Samsung Pay Cash expands the functionality of digital payments by allowing users to add money to the app and make purchases without needing a credit card.
2. Debt Aversion - Samsung Pay Cash appeals to consumers who prefer to pay with cash that's immediately available, eliminating the need for a credit card.
3. Convenience and Rewards - The future of digital payments includes features like Samsung Pay Cash, which allows users to easily manage their finances, make purchases, and earn rewards.
Industry Implications
1. Finance - The finance industry can explore opportunities to develop innovative digital payment platforms that cater to consumer preferences for cash payments and convenience.
2. Retail - Retailers can leverage digital payment methods like Samsung Pay Cash to offer a seamless and convenient shopping experience for customers who prefer cash transactions.
3. Technology - Technology companies have the potential to disrupt the digital payment space by creating user-friendly platforms like Samsung Pay Cash that provide added convenience and rewards.
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