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.
