Samsung first announced its intention to jump into the fintech world at the beginning of the month and is now revealing its new service, Samsung Money…
It certainly didn’t take long for Samsung to come out with its own debit card. The tech company has formally introduced its own contactless payment system, appropriately called “Samsung Money.” As expected, it’s closely tied-in with Samsung Pay and follows similar moves made by competitors Apple and Google.
Samsung Introduces Samsung Money a Debit Card Tied to Samsung Pay
The new Samsung Money debit card, powered by SoFi, comes with a rewards system. Customers will get points with every purchase and people with over 1,000 points have the option to covert them to cash. Plus, there are no account or ATM fees and accounts are FDIC insured up to $1.5 million.
Like the Apple Card — a credit line — the physical Samsung Money debit card does not contain the holder’s account number, nor does it have a printed CVV, making it more secure if lost or stolen. Sang Ahn, Vice President and GM of Samsung Pay, North America Service Business, wrote on the official website in earlier this month:
“Over the past year we have been busy developing a mobile-first money management platform. As a first step to this broader vision, this summer Samsung in partnership with SoFi will introduce a new Samsung Pay experience with an innovative debit card backed by a cash management account. We are excited to share more details in the coming weeks.”