Samsung has launched its new mobile money service in the US, developed with SoFi. It provides customers with a mobile bank account with Mastercard debit card and benefits for using Samsung Pay. Within the next few weeks, a discount on products bought on Samsung’s website also will be offered to all customers of the Samsung Money service. samsung money usa
As part of the announcement, Samsung revealed that active Samsung Money by SoFi users will soon have access to an exclusive discount on Samsung’s award-winning products. Starting in just a few weeks, Samsung Money by SoFi users will receive discounts on Samsung Galaxy smartphones, tablets, wearables, TVs, laptops, washers, refrigerators and more on Samsung.com. This program will reward loyal account holders with a discount, on top of any offers available on Samsung.com. Once live, and once an account is funded, users will see a banner in the Samsung Money section in the Samsung Pay app. Clicking that banner will provide access to the discount.
About Samsung Money By SoFi samsung money usa
- Instant Activation: As soon as you fund your new Samsung Money by SoFi account, your digital debit card will be provisioned in your Samsung Pay wallet, with your physical card arriving shortly by mail. To activate your card, there’s no need to dial a 1-800 number. Simply tap the card on your phone and watch the screen for confirmation.
- No Account Fees: Samsung Money by SoFi charges zero account fees, overdraft fees or transfer fees. In fact, whenever you use an in-network ATM, you won’t see a charge.
- Added Savings and Benefits: Samsung Money by SoFi rewards users for saving, earning up to 6x higher interest rate relative to the national average of transactional accounts. In addition, Samsung Money by SoFi users will earn Samsung Rewards points for every purchase they make within Samsung Pay.
- Money Management at Your Fingertips: With Samsung Money by SoFi, you can use the Samsung Pay app to check your balance, review past statements and search transactions. You can pause or restart spending, freeze or unfreeze your card, change your pin and assign your trusted contact—all without ever having to leave home or call a representative. And coming soon, an added benefit for Samsung Pay users is being able to fund your Samsung Money by SoFi account instantly from your other registered debit cards already in your Pay wallet.
- Peace of Mind: Since Samsung Money by SoFi isn’t a credit card, you can only spend the cash you have on hand. And in the event of an unauthorized transaction, you’ll receive an alert and assume zero liability. For added safety, Samsung Money by SoFi comes with the defense-grade security of Samsung Knox, which protects users’ information all the way down to the chip level. And the FDIC insures every Samsung Money by SoFi account up to $1.5 million (6x that of a traditional bank account). Finally, the physical debit card will not display the card number, expiration date, or CVC. Should users need that information, they can easily find it within the “Money” tab of the Samsung Pay app, which is further protected by biometric or PIN authentication.