The new Samsung Money by Sofi is a new physical card that will work with the Samsung Pay service. It would allow users to open private or shared accounts. It’s also a new “mobile-first money management experience that brings a cash management account and accompanying Mastercard debit card along with exclusive benefits to Samsung Pay, in partnership with innovative fintech company SoFi.”
Users would get a physical debit card, one which they would then activate with NFC. From there, they would be able to manage their finances, withdraw cash from Allpoint ATMs in the US without having to worry about fees. They would also gain access to the Samsung Rewards program to earn points with each purchase. Users would also be able to redeem cash rewards when they reach 1,000 points, and they would also get higher interest fees when saving money in the Samsung Money account.
“Samsung, SoFi and Mastercard team up to offer a simple and secure way to manage everyday finances—with a no-account fee, higher-interest earning cash management account and debit card within Samsung Pay”
Maybe the most interesting aspect of this Samsung Money card is that it doesn’t have a number or CVV written on it, meaning that this information would only be available through the Samsung Pay app. The service is still not available, but it will launch later this summer. You can also join the waiting list if you’re interested.
Source Samsung Newsroom