Samsung Money Is Coming This Summer: A Rival To Apple & Google In The Virtual Banking World
Samsung wasn’t waiting long to unveil its version of a debit card. Samsung Money, a SoFi-powered “money management experience” has been introduced by the tech giant that combines a Mastercard debit card (issued by Bancorp) with a cash management account. Not surprisingly it is closely integrated with Samsung Pay. As soon as you sign up, you get a virtual card in Pay and can activate the physical card by tapping on it. You can check your balance, flag possible fraud, freeze your card or control your account from an app otherwise.
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Of course there are benefits. For every purchase you make with the card using Samsung Pay, you will get Samsung Rewards points, and “loyal” users with more than 1,000 points can convert them to cash. You ‘re not going to deal with account fees or even some ATM fees (they ‘re being compensated at 55,000 locations), and there are “higher interest earning” promises. Your account is FDIC insured for up to $ 1.5 million if something goes wrong. Like the Apple Card, the physical Samsung card did not include the number of the card, CVV or other details that a thief might use to spend.
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Despite the big announcement, unfortunately, you’ll still have to wait for Samsung Money — it’s still coming to the US “later this summer.”
As with the expected debit card from Apple and Google, there’s a conspicuous strategy at work. Money lets Samsung further dive into services at a time when smartphone sales slow or shrink. Which (if any) revenue Samsung directly collects from Money is not clear, but it could at least help the hardware business of the company by persuading card owners to buy another Galaxy phone the next time they are due for an upgrade.
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