Soon after first announcing its planned debit card solution with SoFi, Samsung has revealed further details about the project, including the involvement of Mastercard.
Officially dubbed “Samsung Money by SoFi”, the project is described in a new statement as a “mobile-first money management experience”. It comprises a Mastercard debit card and a cash management account with no fees and higher-than-average interest savings. And, of course, it will be part of the Samsung Pay mobile payments and wallet app.
As with the Apple Card, Samsung’s debit card will take both physical and virtual form, with the latter appearing in the Samsung Pay app upon an end user’s approval. Unlike the Apple Card, the app will be secured with a PIN, rather than biometric authentication; but the platform will enjoy the security of the Samsung Knox encryption system, and the physical payment card won’t feature a card number, expiration date, or CVV, with all of those details available through the Samsung Pay app.
Users will be able to open individual or joint accounts, and Samsung says it’s offering in-network ATM fee reimbursement at over 55,000 locations in the US. Each Samsung Money account is FDIC insured to $1.5 million.
As for the launch date, Samsung has said only that Samsung Money by SoFi will become available in the US “later this summer.” And it will be available exclusively to users of Samsung’s Galaxy mobile devices.