Samsung unveiled Wednesday a new partnership with Mastercard and fintech company
SoFi to offer a new ?mobile-first money management experience? calledSamsung
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 calledSamsung Pay
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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, expiration date, or 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 U.S. 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 [https://www.samsung.com/us/samsung-pay/].
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