Today, Samsung has unveiled a new partnership with Mastercard and fintech company SoFi to offer a new “mobile-first money management experience” called Samsung Money.
The experience consists of a Mastercard debit card managed with the aid of online personal finance company SoFi. Samsung is also touting a lack of account fees, rewards for saving money, and exclusive benefits linked to the company’s mobile payment and digital wallet service called Samsung Pay.
By enrolling in the Samsung Rewards program, Samsung Money users can earn points on every purchase made using Samsung Pay. If you have more than 1,000 Reward Points, they can be cashed in, with the money going directly into your Samsung Money account. Security is provided by the Samsung Knox range of security features typically found pre-installed on most Samsung phones, and the debit card doesn’t show the card number, expiry date, of CVV number printed on it. Instead, they can be viewed through the linked Samsung Pay app.
Sang Ahn, Vice President and GM of Samsung Pay, North America Service Business, Samsung Electronics, commented, “Samsung’s goal is to make everyday life better by putting powerful tools in the hands of Galaxy users … Samsung Money by SoFi is our biggest move yet to help users do more with their money. Samsung Pay is already the most rewarding shopping and payments experience driven by numerous innovations over the years. Now, users can access mobile-first financial services and earn exclusive Samsung benefits. We’re excited to help our users reach their financial dreams by allowing them to spend, save and grow their money and access it easily and securely.”
Samsung Money is expected to launch for US consumers “later this summer.” Account creation is near instant using a virtual card within the Samsung Pay app followed by a physical debit card being mailed to you and then activated by tapping it against your phone with the Samsung Pay app open. When the service is available to use, details on how to sign up for the card will appear on the Samsung Pay website.