Samsung announced a strategic collaboration with Mastercard and Fintech company SoFi on Wednesday to deliver a new “first-mobile money management app” called Samsung Money or Samsung Debit Card.
The service consists of a debit card operated by Mastercard with the aid of electronic personal finance provider SoFi. Samsung also voices a lack of account fees, money-saving rewards and exclusive benefits linked to the company’
Samsung Money users can gain points for any purchase made with Samsung Pay by enrolling in the Samsung Rewards scheme. They can be cashed in if you have more than 1,000 Reward Points, with the money going directly into your Samsung Money account. Safety is supported by the Samsung Knox suite of security features that are usually present on most Samsung phones, and the debit card is not enabled
Sang Ahn, Samsung Pay’s vice president and GM, North America Service Company, Samsung Electronics, commented, “Samsung’s mission is to make daily life easier by placing powerful devices in the hands of Galaxy consumers. Samsung Money by SoFi is our biggest step yet to help users do more with their money. Now people can download first-ever digital financial services and receive exclusive benefits from Samsung. We ‘re excited to help our users achieve their financial dreams by allowing them to spend, save, grow and access their money easily and safely”.
Samsung Money is scheduled to begin “late next month” for U.S. customers. Wallet development is almost immediately using a virtual card inside the Samsung Pay app followed by a actual debit card being mailed to you and then enabled by clicking it with the available Samsung Pay app on your phone. Details of how to sign up for the card will appear on the Samsung Pa when the service is available