Earlier this month, Samsung announced plans to launch its debit card program called Samsung Pay. And today, the company further elaborated on their plans for its upcoming service.
According to the announcement by the company, Samsung is partnering with SoFi for the MasterCard debit card. It will tie in directly with the existing Samsung Pay app. this means that the consumers will be able to apply directly for the card through their app and start using the ‘debit’ via their phones as soon as it is approved – without waiting for the physical card.
The same app can also be used to review balances, purchases, freeze card in case of theft/loss, and mark fraudulent purchases.
As of yet, the company has promised that the Samsung Money will not incur any account fees. However, the fine print does state the right to change that in the future. Samsung is also saying that the accounts integrated with Money will be FDIC insured for up to $1.5 million. This figure is six times higher than the standard $250,000 guarantee on most leading debit cards.
Moreover, it will allow users to make use of any of the 55,000 ATMs in the Allpoint ATM network without any charge. A Samsung Rewards program is also in the works for Samsung Money that would make consumers eligible for discounts on future Samsung purchases.
Besides Samsung, many other tech companies are venturing into the world of finance. We all know of Apple Card credit card that is operating to its full extent. Venmo and Uber also offer credit cards to facilitate their consumer base.
Reports regarding Google working on a similar debit card program to collaborate its existing Google Pay system is also making the rounds. However, there is no official update regarding the release of the same from the company.
The Samsung Money card is expected to roll out this summers. Interested customers can sign up for the waitlist, starting today on the official Samsung’s website here.