A new Samsung Money by SoFi[1] service due to launch in the US “later this summer” will provide “a mobile-first money management experience that brings a cash management account and a Mastercard-branded debit card along with exclusive benefits into Samsung Pay,” the company has announced.
“The account is secure, charges no account fees and rewards users for saving, with an interest rate that exceeds the national average,” Samsung says.
“Setting up an account in the Samsung Pay app will take almost no time at all. The virtual card will appear instantly within Samsung Pay upon approval. And, as soon as users receive their physical debit card in the mail, there’s no need to call a 1-800 number; the card is ready to use in a snap — just open Samsung Pay and activate the card with a tap.”
“With just a tap in the Samsung Pay app, users can check their balance, review past statements and search transactions,” it adds.
“They can flag suspicious activity, pause or restart spending, freeze or unfreeze their card, change their PIN, and assign their trusted contact — all without ever having to leave home or call a representative.”
Rewards
“To help users make their money go further, Samsung Money by SoFi offers exclusive benefits,” Samsung adds.
“Users can enrol in the Samsung Rewards programme to earn points for every purchase they make using Samsung Pay.
“As an added bonus, loyal Samsung Pay users with 1,000 or more Samsung Rewards Points will be able to redeem their points for cash that will be deposited directly into their Samsung Money by SoFi account.”
Security
“Samsung Money by SoFi account holders get the benefit of defence-grade security
