Samsung Electronics America, Inc., announced Samsung Money by SoFi. This brings a brand new cash management account with a Mastercard debit card and exclusive benefits to Samsung Pay.
The biggest difference to Apple’s credit card is that Samsung offering a money management account with cooperation with the online personal finance company SoFi, and cards will be issued by The Bancorp Bank.
This means no account fees, higher-interest earning, money management experience that combines the convenience of mobile payments, and the control of a debit card.
Although some features may seem pretty standard, purchases made with the Samsung Money card earn Samsung Rewards program points, which can be redeemed on future Samsung purchases.
“Samsung Money by SoFi is our biggest move yet to help users do more with their money,” says Sang Ahn, Samsung Pay’s vice president, and general manager for North America.
The goal is to provide the card to the users as easily as possible. The openinig of account in the Samsung Pay app will be very fast as the virtual card will appear instantly within Samsung Pay upon approval.
Right after that, users will receive their physical debit card in the mail, the card is ready to use in a snap, as users just have to open Samsung Pay and activate the card with a tap.
“The new breed of BaaS provider and small bank charter have changed the US landscape, with the likes of Square, Chime, N26, Robinhood all using this model to get new digital services to market,” says 11:FS head of ventures Simon Taylor on Samsung’s partnership with SoFi.
“If the big banks want to be the provider of balance sheet, lending, or tech behind the scenes, they will need more modern, digital capabilities and the talent to deliver it to market.”