Technology

Samsung presents credit card and cash account with no fees

Samsung, SoFi and Mastercard team up to offer a digital wallet and debit card within Samsung Pay

Photo: Samsung/Courtesy
  • Samsung Pay’s new feature offers no account fees and money management services that combines mobile payments and debit card;
  • Users can sign-up for the wait list for the virtual card on Samsung website.

Samsung announced yesterday Samsung Money by SoFi a mobile-first money management service that brings a cash account and a Mastercard-branded debit card along with benefits into Samsung Pay in partnership with fintech company SoFi.

The feature, for now, will be available in the U.S. and according to Samsung, the account is secure, with no account fees and rewards users for saving—earning higher interest relative to the national average of transactional accounts. “At a time when people are turning to their technology to take care of essential tasks without leaving home, Samsung Money by SoFi makes it easier for them to manage more of their financial life in the Samsung Pay”, said the company, on a blog post.

Sang Ahn, Vice President and GM of Samsung Pay, North America Service Business, Samsung Electronics said that “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. 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 Ahn, Vice President and GM of Samsung Pay, North America Service Business, Samsung Electronics

Launching until August 31 in the United States, Anthony Noto, CEO of SoFi said that the fintech is excited to parter up with Samsung. “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.”

We are seeing a seismic shift across the world as consumers move to digital and expect safe and frictionless experiences. 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.

Jorn Lambert, Executive Vice President, Digital Solutions, Mastercard