Samsung has partnered with Mastercard and SoFi to provide consumers with a "new mobile-first money management experience." Called Samsung Money by SoFi, the project consists of a Mastercard debit card managed by the online personal finance company, SoFi.
Mashable reported that this service has no account fees while account holders can earn rewards for saving money and exclusive benefits through Samsung's mobile payment and digital wallet service, the Samsung Pay.
Samsung Money users can earn points on every purchase made using Samsung Pay when they enroll in the Samsung Rewards program. Once they earn over 1,000 Reward Points, they can cash in with the money going directly into their Samsung Money account.
According to PC Mag, each Samsung Money account is insured by Federal Deposit Insurance Corporation for up to $1.5 million. Also, account holders benefit from Samsung Knox's "defense-grade security."
The Samsung Money physical card is issued by The Bancorp Bank and it does not display the card number, expiration date, or card security code (CVV). However, users can find these details from the "Money" tab of the Samsung Pay app.
Samsung partners with Mastercard and SoFi to launch Samsung Money Debit Card
Sang Ahn, vice president and general manager of Samsung Pay North America said that "Samsung's goal is to make everyday life better" by giving Galaxy users powerful tools.
Ahn touted Samsung Money by SoFi as the company's biggest move "to help users do more with their money." He also said that Samsung Pay has been the "most rewarding shopping and payments experience" with the numerous innovations it advances.
"Now, users can access mobile-first financial services and earn exclusive Samsung benefits," said Ahn adding that she is excited to help users gain financial freedom. Samsung pay allows users "to spend, save, and grow their money and access it easily and securely."
Samsung Money gives users greater financial freedom
Samsung Money is competing with Apple Card that was launched in August last year and is designed to work with Apple Pay. It comes with a physical titanium card that works like a credit card.
However, unlike the Apple Card, Samsung Money is a debit card that allows cardholders to check their balance, pause or restart spending, freeze or unfreeze the card, and change their pin using the Samsung Pay app, according to Apple Insider.
Samsung Money by SoFi allows Galaxy smartphone owners to manage their spending and save more efficiently. They can choose between opening an individual or joint account. They can also enjoy in-network ATM fee reimbursement at more than 55,000 locations in the US.
Samsung Money will be available to US customers this summer and will be exclusive to Samsung Galaxy smartphone owners.
Accountholders can create their online accounts instantly using a virtual card through the Samsung Pay app. A physical debit card will then be mailed to them that they can easily activate by tapping against their Samsung Galaxy phone via the Samsung Pay app.
When the service is already available to use, account holders can find the details on how to sign up for the card on Samsung Pay's website.
