To help users manage everyday finances, Samsung Electronics America has announced a new mobile-focused money management experience called Samsung Money by SoFi. The technology company stated the account is secure and offers rewards for those who save, with “higher interest relative to the national average of transactional accounts.”
Users can decide to open an individual or joint cash management account with Samsung Money by SoFi. Additionally, users can receive an in-network automated teller machine (ATM) reimbursement at over 55,000 US locations. The virtual card will immediately display in Samsung Pay at the time of approval.
When customers receive their physical debit cards, they can open Samsung Pay and tap to activate the card. The card number, CVV and expiration date will not be shown on the physical debit card, but customers can find the information in the Samsung Pay app’s “Money” tab, which the company stated is safeguarded by biometric or PIN authentication.
Sang Ahn, vice president and GM of Samsung Pay, said in the announcement, “Samsung’s goal is to make everyday life better by putting powerful tools in the hands of Galaxy users. Samsung Money by SoFi is our biggest move yet to help users do more with their money.”
Samsung Money by SoFi, which will start to become available to US consumers later this summer, will also allow users to see their balances, browse transactions, or look at past statements with a tap of the Samsung Pay app. Users can also modify their pins, set their trusted contacts, flag suspicious activities, freeze or unfreeze their cards, or halt or start spending again through the app.
In separate news, Samsung Pay rolled out Samsung Pay Cash last year. The product was previously described as a means of managing a user’s budget and keeping funds in Samsung Pay like cash in a wallet.
Full Content: PYMNTS
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Redfin Settles $9.2M Commission Inflation Lawsuits
May 7, 2024 by
CPI
DOJ Supports Colorado’s Efforts to Block Kroger-Albertsons Merger
May 7, 2024 by
CPI
Japan Considers Regulation of AI Developers
May 7, 2024 by
CPI
European Commission Extends Decision Deadline for Ita-Lufthansa Merger
May 7, 2024 by
CPI
UK, US and Australia Sanction Senior Leader of LockBit Cybercrime Gang
May 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI