Samsung has today announced plans to launch a no-fee Samsung Money cash management service and debit card for its smartphone users.
The service will be offered through a partnership with online fintech company SoFi and Mastercard. 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 payments experience driven by numerous innovations over the years. Now, users can access mobile-first financial services and earn exclusive Samsung benefits. ‘’ Sang Ahn, Vice President and GM of Samsung Pay, North America Service Business, Samsung Electronics said.
‘’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.
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.
“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,” said Anthony Noto, CEO of SoFi.
“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.” he adds.
“We are seeing a seismic shift across the world as consumers move to digital and expect safe and frictionless experiences,” said Jorn Lambert, Executive Vice President, Digital Solutions, Mastercard.
“Mastercard’s digital first solutions combined with Samsung Money by SoFi shows how our collective strengths and innovation can deliver this promise of safety, convenience and ubiquity.” adds Jorn.