In a major pact with Mastercard and SoFi, Samsung is set to launch a no-fee Samsung Money cash management service and debit card for its smartphone users.
The service, Samsung says, will offer a simple and secure way to manage everyday finances with a no-account fee, higher-interest earning cash management account and debit card within Samsung Pay.
“Samsung Money by SoFi is our biggest move yet to help users do more with their money. Samsung Pay is already the most rewarding shopping and payment experience driven by numerous innovations over the years. Now, users can access mobile-first financial services and earn exclusive Samsung benefits,” said Sang Ahn, Vice President and GM of Samsung Pay, North America Service Business, Samsung Electronics said.
The service is first launching in the U.S and will allow Samsung Money users to check their balance, review past statements, and search transactions through the Samsung Pay app. Users will also be able to flag suspicious activity, pause or restart spending, freeze or unfreeze their card, change their PIN, and assign their trusted contact, all through the app.
“We’re excited to help our users reach their financial dreams by allowing them to spend, save, and grow their money and access it easily and securely,” Sang added.
Commenting on this development, the SoFi partners represented by Anthony Noto, CEO of SoFi said; “At SoFi, 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.” Adding; “We’re excited to partner with Samsung, a world-class technology company, to help power this next-generation financial experience while expanding the impact of SoFi exponentially.”
Jorn Lambert, the Executive Vice President, Digital Solutions at Mastercard noted; “We are seeing a seismic shift across the world as consumers move to digital and expect safe and frictionless experiences.”
Mastercard’s digital-first solutions combined with Samsung Money by SoFi shows how collective strengths and innovation can deliver the promise of safety, convenience, and ubiquity.
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