Samsung unveils Samsung Money by SoFi

Wednesday 3 June 2020 12:10 CET | News

Samsung has unveiled details regarding Samsung Money by SoFi, its mobile solution that combines a cash management account and an accompanying Mastercard debit card. 

According to the press release, the solution allows Galaxy smartphone users to choose between opening an individual or joint cash management account, with an ATM fee reimbursement at more than 55,000 locations in the US. Besides, as soon as users receive their physical debit card in the mail, there’s no need to call a 1-800 number, as the card is ready to use by just opening Samsung Pay and activating it with a tap.

Additionally, Samsung Money by SoFi will offer its users essential financial tools. Therefore, users can check their balance, review past statements, search transactions, flag suspicious activity, pause or restart spending, freeze or unfreeze their card, change their pin, and assign their trusted contact – without having to leave home or call a representative. Users can also benefit from enrolling in the Samsung Rewards programme, by earning points for every purchase they make using Samsung Pay. 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.

Moreover, a Samsung Money by SoFi account is FDIC insured for up to USD 1.5 million, while account holders can secure their payments with the addition of Samsung Knox. The physical debit card will not display the card number, expiration date, or CVC. If users need that information, they can find it within the ‘Money’ tab of the Samsung Pay app, which is further protected by biometric or PIN authentication. 

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Keywords: Samsung, Samsung Money by SoFi, cards, mobile payments, MasterCard, debit card, Samsung Pay, transactions , Samsung Rewards, FDIC, US
Categories: Payments & Commerce
Countries: United States
This article is part of category

Payments & Commerce