[Update 2: Live in US] Samsung is planning to offer a debit card this summer

Update 2 (7/24/20 @ 1:00 PM ET): The Samsung Money debit card is now live in the U.S. for Samsung Pay users.

Update (5/27/20 @ 9:55 AM ET): The Samsung Money debit card is now official and the company has shared more information about it.

Samsung is the latest tech company looking to get into the personal finance game. According to Samsung, the company is planning to introduce a debit card for Samsung Pay this summer. The card will be backed by SoFi, an online personal finance company that has gained traction in the last five years.

Tech companies getting into personal finance is becoming a trend. The Apple Card is a credit card that was launched in 2019, whereas Google’s rumored to be working on a debit card of its own. Samsung’s plan is more in line with what we’re hearing about Google’s plan. The Samsung debit card will be tied into Samsung Pay and offer users more ways to manage money.

Samsung Pay was launched in 2015 and it allows select Galaxy devices to pay at virtually any terminal thanks to Magnetic Secure Transmission (MST). In contrast, platforms such as Google Pay and Apple Pay only use NFC for payments. To date, Samsung Pay has been about mobile payments and rewards, but the introduction of the debit card will bring new money management tools to the service as well.

This announcement comes as Samsung celebrates 5 years of Samsung Pay. The company says they will have more information to share in the coming weeks. What do you think of the idea of a Samsung debit card? Is this something you’re interested in?

Source: Samsung

Update: Official

Earlier this month, Samsung revealed it would be releasing a debit card in the coming weeks. The time has come for the full unveiling and that debit card is officially called “Samsung Money by Sofi.” It’s a Mastercard issued by The Bancorp Bank and it ties into Samsung Pay, as expected.

The Samsung Money debit card comes with a cash management account and no account fees and higher interest than the national average. The key here is the Samsung Pay integration, though. Users can apply for the card directly in the Samsung Pay app and they can use it digitally before the physical card arrives. Samsung Pay is where users can check their balance, see a timeline of purchases, freeze the card, and flag charges.

All of that, however, is pretty standard stuff. There are a few Samsung-centric features as well. The Samsung Money debit card earns Samsung Rewards points, which can be redeemed on purchases of Samsung products. The company is also promising that accounts will be FDIC insured for up to $1.5 million, which is 6 times higher than most debit cards. The SoFi partnership also allows Samsung Money users to access 5,000 ATMs in the Allpoint ATM network without any charges.

The card is launching later this summer and people can sign up here for the waitlist.

Via: The Verge