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May 28, 2020

Samsung, SoFi to launch new debit card for managing everyday finances

Samsung Electronics America and personal finance company SoFi have unveiled a new Mastercard debit card to help consumers manage everyday finances.

Dubbed Samsung Money by SoFi, the money management tool comes with the debit card and a cash management account within the Samsung Pay app.

The app users can choose to open either an individual account or a joint cash management account.

Once opened, a virtual card is made available instantly while a physical card will be shipped, which can also be activated instantly using the Samsung Pay app.

The physical debit card will not be engraved with a card number, expiration date, or CVC. Users will find this information within the app using biometric or PIN authentication.

Cardholders can also enjoy in-network ATM fee reimbursements at over 55,000 locations in the US.

Mastercard digital solutions EVP Jorn Lambert said: “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.”

The new account is FDIC-insured up to $1.5m. It offers interest on savings and control over debit card within the Samsung Pay app.

Samsung Pay users can check their balance, review past statements, and search transactions.

They can also flag suspicious activity, pause or restart spending, freeze or unfreeze their card, change their pin, and assign their trusted contact.

Samsung Pay VP and GM Sang Ahn said: “Samsung Money by SoFi is our biggest move yet to help users do more with their money. Now, users can access mobile-first financial services and earn exclusive Samsung benefits.”

SoFi CEO Anthony Noto 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.”

‘Samsung Money by SoFi’ is expected to be launched in the US later this summer.

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