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Samsung Money: This is Samsung’s answer to the Apple Card

As reported previously, Samsung is introducing a physical debit card that’s integrated with Samsung Pay. The solution is called Samsung Money and it’s released in partnership with SoFi and Mastercard.

Samsung is introducing Samsung Money as a mobile-first money management experience that brings a cash management account and a Mastercard-branded debit card that comes with exclusive benefits with Samsung Pay. It promises to offer a secure account protected by Samsung Knox, with no account fees and it rewards users for saving with higher interest relative to the US national average of transactional accounts.

Everything is managed via the Samsung Pay app which is supported on most new flagship Samsung Galaxy smartphones. Users can check their balance, view past statements, search for transactions, freeze their cards and change PIN number through the app without the need of calling a representative.

With Samsung Money, you can choose to pay digitally via your smartphone or use the physical card at merchants. Whichever way you pay, you will earn Samsung Reward points on every transaction.

Since the physical card has an EMV chip and what appears to be a magnetic stripe, you can use the card at places that don’t support contactless payment. On top of that, users with at least 1,000 Samsung Reward points are able to redeem points as cash into their Samsung Money account.

At the moment, there are no fees for foreign transactions, account management and for an overdraft. Users can withdraw for free from 55,000 ATMs via Allpoint network in the US.

For greater peace of mind, a Samsung Money by SoFi account is FDIC (US equivalent to PIDM) insured for up to USD 1.5 million. Similar to the Apple Card, there’s no number, expiration date or CVV on the physical card. If you need that info for online transaction, it can be displayed via Samsung Pay.

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Users will be able to set up an account immediately via Samsung Pay and they can start making transactions with a virtual card. Once the physical debit card has arrived in the mail, they can activate it instantly through Samsung Pay.

Samsung Money will be available to US customers later this summer and those interested must join the waiting list on their website.

[ SOURCE ]

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Alexander Wong