With the launch of Samsung Money, the company will now provide a debit card and a mobile banking platform to customers.
Less than a year after the Apple Card was rolled out in the US, Samsung has introduced its new Samsung Money card, which is set to launch in the US later this summer.
Samsung has partnered with personal finance start-up SoFi and Mastercard to create a debit card that works with Samsung Pay to offer users a mobile-first cash management solution.
In a statement, Samsung said that its mobile banking platform will have no account fees and will offer rewards for savings activity. Siliconrepublic.com has reached out to the company to see if it has plans to expand this service beyond the US.
The launch of Samsung Money marks a new deal between the South Korean tech giant and San Francisco fintech business SoFi. Samsung said that the two companies “share a vision” to make managing money more convenient.
Commenting on the launch of the new service, vice-president and general manager of Samsung Pay for North America, Sang Ahn, said that the company’s goal is “to make everyday life better” by putting new tools in the hands of Samsung users.
Anthony Noto, CEO of SoFi, added: “We’re committed to helping people achieve financial independence both directly through the SoFi brand, as well as indirectly, through partnering with leading brands like Samsung to help the world get their money right.”
Users can set up their debit cards through the Samsung Pay app, before receiving the physical card in the post. As well as payments, Samsung Money users can also get free access to more than 55,000 ATMs in the US.
Through Samsung mobile devices, users can check their balance, review past statements, search transactions, flag suspicious activity, freeze or unfreeze a card and change their pin. These are all features commonly provided in mobile-first banking apps such as Revolut, N26 and Apple Card.
For security reasons, the physical card will not display the card number, expiration date or CVV – this is only visible from the Samsung Pay app.
In the US, Samsung is competing with a number of other large tech companies that have entered the world of personal finance in recent years. Besides Apple, Uber has offered both credit and debit cards, while Venmo also offers a debit card.
It is rumoured that Google may also working on a similar debit card that is integrated into Google Pay. Last month, TechCrunch revealed imagery that could potentially be related to the development of a Google debit card.