Samsung Electronics America Inc. announced Samsung Money by SoFi, a mobile-first cash management product that includes a Mastercard debit card and offers exclusive benefits to Samsung Pay members.
The product, done in partnership with San Francisco-based fintech SoFi, offers an FDIC-insured cash management account of up to $1.5 million, that operates through the Samsung Pay mobile app. The account charges no account fees and rewards users for saving.
“Samsung’s goal is to make everyday life better by putting powerful tools in the hands of Galaxy users,” Sang Ahn, vice president and general manager of Samsung Pay, North American Service Business, Samsung Electronics, said in a company release. “Samsung Money by SoFi is our biggest move yet to help users do more with their money.”
Users can open individual or joint cash management accounts and get ATM fee reimbursement at any one of 55,000 locations in the U.S.
“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,” Anthony Noto, CEO of Samsung, said in the release.
Users can enroll in Samsung Rewards and get one point for every dollar they spend on Samsung Pay. Samsung Pay users with 1,000 or more Samsung Rewards points can redeem their rewards for cash and deposit the funds into their accounts.
The program is protected by defense-grade security from Samsung Knox and the Samsung Pay app provides the option of biometric or PIN authentication. The physical card does not display account numbers, PIN codes or CVV numbers.
The Samsung announcement can be seen as a response to Apple Card, which is a mobile credit card account launched by Apple Inc. and Goldman Sachs Group Inc. in 2019.