Samsung has unveiled Samsung Money by SoFi, a new mobile-first money management experience that brings a cash management account and accompanying Mastercard debit card along with exclusive benefits to Samsung Pay.
The account has no account fees and rewards users for saving, offering higher interest relative to the national average of transactional accounts. Unlike the Apple Card, Samsung Money is not a credit card. Instead, it acts similar to a bank account or credit union. A Samsung Money account is FDIC insured for up to $1.5 million, and account holders benefit from what the company calls “defence-grade security” from Samsung Knox.
“Samsung’s goal is to make everyday life better by putting powerful tools in the hands of Galaxy users,” explains Sang Ahn, Vice President and GM of Samsung Pay, North America Service Business, Samsung Electronics.
“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.”
Cardholders will be able to check their balance, pause or restart spending, freeze or unfreeze their card, change their pin, all from the Samsung Pay app.
Like the Apple Card, the physical debit card issued by Samsung will not display the card number, expiration date, or card security code (CVV). If users need to access any of that information, they can find it within the “Money” tab of the Samsung Pay app.
Launching later this summer, Samsung Money marks the beginning of a new partnership between Samsung, SoFi and Mastercard. As leaders in mobile and financial technology, Samsung and SoFi share a vision to make it more convenient for people to take more control of their financial lives.
“We are seeing a seismic shift across the world as consumers move to digital and expect safe and frictionless experiences,” said Jorn Lambert, Executive Vice President, Digital Solutions, Mastercard. “Mastercard’s digital first solutions combined with Samsung Money by SoFi shows how our collective strengths and innovation can deliver this promise of safety, convenience and ubiquity.”