Samsung is about to launch a debit card program called Samsung Money by partnering with SoFi (Social Finance Inc.), connecting it with the Samsung Pay app. It was earlier announced in May and now they are giving more concrete information on the offers that they are going to avail. It is a Cash Management Account (CMA)- a cash account that combines services that are similar to checking, savings under one product, and Samsung Money debit card. The debit card is issued by The Bancorp Bank.
They are coming with a great offer that the Samsung money will not charge fees from the customers and higher income compared to the national average. The main part of the Samsung Money program is its integration with the Samsung Pay app, customers will be easily able to apply for the card directly from the Samsung Pay app and can also use it through Samsung Pay app even before getting the debit card in hand.
We can use the Samsung Pay app to check the amount balance, payment history, freeze the card, and even flag the fraudulent purchases. Features of this include, it provides a world-class tech company backed cards. Also, they made flew Samsung specific perks. Through the purchase using the Samsung Money card, we can earn points that we can use later for other Samsung product purchases.
Samsung Money will be FDIC (Federal Deposit Insurance Corporation) insured for up to 1.5 million dollars which is six times higher than the usual 250000 dollars guarantee of other debit cards. The customers can use any of the 55000 ATMs without any charges through the SoFi (Social Finance Inc.) partnership.
Samsung is not the only company in tech to expand their business into the world of finance. Apple has its full-fledged Apple Card credit card, Venmo has debit card since 2018 and Uber offers both branded credit and debit cards. Also, there is a rumour that Google is working on a similar debit card system to tie up into Google Pay (GPay).
