Samsung Pay has been around for a few years but if you needed a physical card for your banking needs, you still had to rely on your traditional bank debit cards. But this summer, the Korean OEM is launching a new product called Samsung Money and they’re partnering with finch company SoFi to bring a mobile-first money management experience. It will be connected to your Samsung Pay mobile payment system, adding a debit card and other financial management tools.
This new product called Samsung Money by SoFi is their own version of Apple Pay, but instead of a credit card, you get a debit card, which some may say makes better financial sense. When you sign up, you get a virtual debit card immediately and you can choose between an individual account or a joint cash management account. The physical card will be mailed to you later on and it is powered by the MasterCard network and has a black, minimalist design.
You will be able to activate the card through the Samsung Pay app. You’ll also notice that the card doesn’t have the usual card number, expiration date and CVV number. This is because all those details can be found in the Money tab in the app and to access it, you’ll need to set a PIN or use your biometrics. You can also see details like your current balance, past transactions, freeze or unfreeze your cards through the app, assign a trusted contact, and flag suspicious activity if you see transactions that you did not authorize or actually do.
You can also use the card to withdraw your cash through ATM terminals. If you use those on the Allpoint network, there will be no transaction fees. Otherwise, you’ll be charged the usual ATM fees. Because they have partnered with SoFi, your money is actually not managed in a bank but across six banks that the finch company has partnered with. You get the $250,000 coverage in FDIC. But if you have an existing account with assets held at one of those banks, the coverage would be less.
Samsung Money will be launching later this summer but only in the U.S for now. You can already sign up to be wait listed and wait for further details on how to be one of the first to get your hands on this new black debit card.