South Korean tech giant Samsung official confirms its own debit card which it simply calls Samsung Money.
Finance company SoFi is the infrastructure that powers Samsung Money. The tech giant expects to officially roll out its new financial platform in the United States this summer.
Technically, Samsung Money is a money management system. It supports Mastercard Debit through Bancorp, and it also has its own cash management account. With these integrated features, it comes as no surprise why it integrates well with Samsung Pay.
Samsung Money features
One of the obvious benefits of this new system is the support for Samsung Rewards points system. This particular point system allows users to receive points whenever they make a purchase using the card. This is a tiered system, so the higher the user’s level is, the more points they will get.
Another interesting feature of this new system is the elimination of account fees. The tech giant claims that it is also eliminating some ATM fees in thousands of locations. The company adds that users will receive high interest earnings once it officially rolls out.
Samsung Money offers a new account and debit card tied to Samsung Pay https://t.co/EnukCPiOX1
— SamMobile (@SamMobiles) May 27, 2020
As for insurance, the FDIC supports insuring up to $1.5 million for each account of Samsung Money. This is about six times higher than usual insurance which is about $250,000. With its partnership with SoFi, users of this card will have access to more than 55,000 Allpoint ATMs completely free of charge.
For security purposes, the actual physical card does not have any card number, CVV, or information a hacker can steal. This last feature is common in many new debit cards like Apple Card.
A serious challenge to Google and Apple Card
Apple is one of the first tech companies to expand into the debit and credit card industry. With its Apple Card, the tech giant initially kickstarted this trend. With Samsung Pay, the tech giant appears to have noticed the trend and it is throwing its hat into the table.
Some market experts claim that Samsung is still relatively new to this particular platform. While the company is a respected tech giant, its grasp into the financial market is average at best.
Apple has a robust platform that supports its credit card system. As of this writing, Samsung has yet to confirm whether it plans to build one as well.
Much is still unknown about Samsung Money, and the tech giant promises to reveal more in the future. With this, only time will tell whether this system will be successful or not.
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