Samsung Electronics America Inc. has announced that U.S. consumers can sign up for its mobile money management platform starting on Thursday (July 23).
Tagged Samsung Money by SoFi, the platform was launched in partnership with Social Finance Inc., the San Francisco-based online personal finance company, and Mastercard Inc., the global financial services corporation headquartered in New York.
The new feature promises to bring a cash management account, a debit Mastercard and additional benefits to Samsung Pay.
In addition to having no fees, Samsung said its Money by SoFi users will soon have access to discounts on Samsung Galaxy smartphones, tablets, wearables, TVs, laptops, washers, refrigerators and more.
Samsung Money by SoFi is enabled once the account is funded. Then, the digital debit card will be in the Samsung Pay wallet while a physical card is sent to customers by mail. To activate the card, the user taps it on their phone and checks the screen for confirmation.
In May, Samsung Pay launched a physical debit card and promised to deliver a money management tool in partnership with SoFi this summer.
“Now more than ever, people are counting on technology to help them make contactless payments, shop and manage their finances without leaving the house,” said Sang Ahn, vice president and GM of Samsung Pay’s North America service business, in a statement.
In April, SoFi bought online brokerage firm 8 Securities for an undisclosed price. The expansion gave rise to the new SoFi Invest, which offers automated investing and financial education. In addition, SoFi said it had teamed up with Mastercard, bringing the SoFi Money debit card to the financial technology company’s one million customers via their Money Cash management accounts.
In May, the PYMNTS Provider Ranking of personal loan apps ranked SoFi in the No. 3 spot, buoyed by recent acquisitions including FinTech Galileo. LendingTree took the No. 2 position, partially based on the strength of its $80 million investment in finance app Stash. MoneyLion maintained the No. 1 spot, helped by its Mastercard partnership announced in the first quarter.
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