SAMSUNG Electronics America, Inc., a leading manufacturer and distributor of electronic consumer products, recently announced its roll out of MasterCard-powered debit card program – Samsung Money by SoFi – which can be fully integrated with its existing Samsung Pay mobile app and is expected to bring better cash management experience amongst its Galaxy users.
Samsung Pay, its mobile payment and digital wallet service, is currently available in around thirty countries including Thailand, Malaysia, Vietnam, and Indonesia in the Southeast Asian region.
Samsung teamed up with MasterCard, a leading fintech company in payments industry, and Social Finance, Inc. (SoFi), an online personal finance firm that provides student loan refinancing, mortgages, personal loans, investing, and banking.
While Samsung Money by SoFi may not be the first of its kind, with the likes of Apple, Venmo, and Uber having developed their mobile payment and fund transfer solutions and expanded into the world of finance quite earlier, it offers features and exclusive benefits that will still interest digital consumers:
Samsung Money Features and Exclusive Benefits
 More Convenience for Galaxy Users. Just like any other digital payment solutions, Samsung Money also promises the combined convenience of mobile payments and control of a debit card at par with standards. In the US, account holders will also enjoy in-network ATM fee reimbursement at more than 55,000 locations.
 High Interest Rates for Savers. Apart from convenience and control, Samsung Money also promises to reward savers with higher interest rates. Samsung itself believes that most people prefer interest-earning over basic digital wallets.
 Easy Samsung Pay Integration. Upon receipt by mail, the physical MasterCard debit card can be activated and linked with the existing Samsung Pay app in just a tap.
 Samsung Rewards Program. Aside from zero account fees, account holders can also enroll in the Samsung Rewards program and earn points upon making online purchases. These points may soon be converted to cash and deposit into the Samsung Money account.
 Secure Mobile Banking. Accordingly, all Samsung Money by SoFi accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $1.5 million. Equally, account holders get the benefit of defense-grade security from Samsung Knox and other authentication features.
Samsung Money by SoFi will be available to US consumers later this summer, but those interested can already sign up for the wait list through the official website of Samsung.
Let’s see if both Samsung Pay and Samsung Money will soon be available in the Philippines.