Samsung has introduced a new self-branded debit card called Samsung Money. The card is a collaborative effort between the brand, Mastercard and fintech company SoFi, which will also tie in directly with the existing Samsung Pay app.
The company explained that Samsung Money is a mobile-first money management experience that brings a cash management account and accompanying Mastercard debit card along with exclusive benefits to Samsung Pay. They added that the account is secure, rewards users with interest for their savings, and does not require any account fees.
Much like Apple’s approach, Samsung Money’s physical card drops any form of numberings such as card number, expiration date or CVV. Reason being that all of these details will be displayed in the Samsung Pay app, which is accessible only by the account holder via pin or their biometrics.
According to Samsung, users will be able to manage their account from the Samsung Pay app. From there, they will be able to to check their balance, review past statements, and refer to certain transactions. Security-wise, users can also report any suspicious activity happening on their account, pause or restart spending, change their pin code, and even freeze their card via the app.
Samsung Money is slated to launch in the US sometime in summer of 2020. The company did not specify if the debit card will be available globally at this time.
(Source: Samsung Newsroom)