Earlier this year in May, Samsung revealed that the company will soon launch an ‘innovative debit card backed by a cash management account’ by collaborating with SoFi. Today, the company has announced that customers in the US can now register to access the new mobile-first money management system called Samsung Money by SoFi.
Money by SoFi offers a cash management account that works in tandem with Samsung Pay, a debit card created in collaboration with Mastercard, and unlocks some exclusive benefits as well that will offer discounts on smartphones, accessories, and a host of appliances. The official press release mentions that there won’t be any account fees, overdraft fees, or transfer fees of any kind for creating an account.
Samsung says that as soon as users fund their new Samsung Money by SoFi account, they will instantly get a digital debit card that can be accessed from their Samsung Pay wallet while the physical card will arrive later. Users will also get reward points for every purchase they make. Additionally, the account management system is backed by the company’s own Knox security system.