SoFi Powers Samsung Pay Mobile Banking Services

To help users manage everyday finances, Samsung Electronics America, Inc. has announced a new mobile-focused money management experience called Samsung Money by SoFi. The technology company said 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 U.S. 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 said 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 U.S. 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.