8.6 C
New York
Tuesday, November 24, 2020
Home Fintechs Samsung launches Samsung Money in cooperation with SoFi

Samsung launches Samsung Money in cooperation with SoFi

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.

Read also: GoHenry launches the first biodegradable debit card for children

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.

Read also: “Tally is a neobank, that‘s addressing the real issue with banking,” claims Cameron Parry from Tally in an interview

“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.”

Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Exclusive: Interview with Matias Peltoniemi, CFO at CrediNord

CrediNord's CFO, Matias Peltoniemi, has provided Everly.eu with an exclusive interview in which he addresses the current challenges of the company, the state of the Fintech and lending world, and what he believes is the future of Fintech and lending.

Lisa Nowell left Monzo Bank after year in CRO position

After about a year Lisa Nowell joined Monzo as its first chief risk officer, she decided to leave to work as an SME lender Ashman Finance, Sifted reported.

Revolut and TrueLayer are bringing Open Banking to users in Germany

With the new Open Banking function (linked accounts), Revolut customers can now link all their bank accounts at Comdirect, Commerzbank, Deutsche Bank, ING-DiBa and Sparkasse in the Revolut app.

The Everly Summary (weekly TOP5 news)

Welcome to Everly.eu’s weekly summary. Let's see the most important news we have covered during the last week in a TOP 5 list!