Samsung has finally introduced its much-awaited Samsung Pay Debit Card. This comes with the company’s new money management system called Samsung Money. The service has been launched by Samsung in partnership with San Francisco-based fintech company SoFi. Along with the Mastercard debit card, the users will also get exclusive Samsung Pay benefits.
Samsung smartphone users will be able to open an individual or joint cash management account. With this, the users will also earn a higher rate of interest compared to the average interest provided by the banks. Additionally, Samsung Money users will also get access to in-network ATM fee reimbursement at over 55,000 locations in the U.S.
Sang Ahn, Vice President and GM of Samsung Pay, said in a statement, “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.”
As Samsung is trying to compete against the Apple Card here, they are trying to give away as many offers as possible. The users who enrol in the Samsung Rewards program will be eligible to earn points for every transaction made using the Samsung Pay service. The loyal customers with 1,000 Rewards Points can redeem their points for cash that will be deposited into their Samsung Money by SoFi account.
Samsung Pay app will bring all the required features to manage a Samsung Money by SoFi account. It will allow users to check their balance, review statements, search for transactions, pause or restart spendings, freeze or unfreeze debit card, change the pin, assign trusted contacts, and more.