Samsung collaborates with SoFi and Mastercard to create Samsung Money

Samsung has partnered with SoFi and Mastercard to create its new FinTech product: Samsung Money.

Samsung Money is a cash management account with a Mastercard debit card included in Samsung Pay. It’s secure, has no account fees, and grants users rewards for saving, by earning higher interest rates.

Launching in the US this summer, users can choose between an individual or joint cash management account. They may also enjoy in-network ATM fee reimbursement at over 55,000 locations in the US. Setting up your account via the Samsung Pay app is easy, and a virtual card will appear instantly within the app upon approval. They will receive their physical debit card in the mail, activatable within the app.

Additionally, users can check their balance, review past statements, and search transactions all within the app. They can flag suspicious activity, pause or restart spending, freeze or unfreeze their card, change their pin, and assign their trusted contact as well.

Samsung Money users may also receive exclusive benefits. By enrolling in the Samsung Rewards program, they can earn points for every purchase. Loyal Samsung Pay users with 1,o00, or more Samsung Rewards Points may also exchange their points for cash, deposited directly into their Samsung Money account.

As for security, all accounts are also FDIC insured for up to USD 1.5 million and receive protection from Samsung Knox. The physical debit card doesn’t display information as well, such as the card number, expiration date, or CVC. All information is stored away in the Money tab of the Samsung Pay app.

You may check out Samsung’s full blog post here.