PayPal deploys Samsung Pay, adds another prepaid card
The partnership PayPal announced last year with Samsung Pay has come to fruition, with PayPal rolling out a new capability enabling its users to make purchases at any store that accepts cards via Samsung Pay.
PayPal users who link their accounts to Samsung Pay and pay at stores may also earn Samsung Rewards through the integration using tokenized virtual account numbers for security, PayPal said in a Monday blog post.
The approach requires users to link a debit card or bank account in their PayPal Wallet. The system supports NFC and simulated magnetic-stripe payments, PayPal noted in the blog post.
This month PayPal also expanded payment options for unbanked consumers by introducing the PayPal Cash Card, a prepaid Mastercard debit card funded by users’ PayPal balances.
“In an era of mobile technology and advanced software platforms, we can do more to unlock the potential of financial technology to improve the financial health of billions of people across the globe,” said Bill Ready, PayPal’s COO and executive vice president, in a separate blog post announcing PayPal Cash Card.
The new prepaid also supports free bank account transfers and person-to-person transfers between PayPal customers, but there’s a 1% fee to get a payroll check cashed immediately and a 5% fee for cashing other checks. The Bancorp issues the card and Ingo Money supports cash loads at CVS, 7-Eleven and Rite-Aid for $3.95 per reload.
The PayPal Cash Card is separate from PayPal Prepaid Mastercard, introduced in 2012 by NetSpend and sold at retail stores; and the PayPal Business Debit Mastercard, introduced a few years ago by The Bancorp, a PayPal spokesperson said.