Samsung launches its own Apple Card-esque service in the US
Google has been rumored to have its own payments-card service in the works for some time now. However, a rival in the electronics sphere has beaten it to the punch with just such a new product. Samsung Money is a new option for payments and savings brought to fruition through a partnership with the fintech company SoFi.
This new prospect allows the user to apply for a Mastercard debit card through Samsung Pay. This (presuming approval) results in the immediate generation of a virtual number linked to this app; meanwhile, its physical counterpart makes its way to its new owner through the mail. It can be activated on their Galaxy-series phone with a single tap.
Either card can then be used to make payments as normal, except that doing so also generates reward points in Samsung Pay. The physical card can also be used at ATMs, which, should they be one of this new system's 55,000 in-network machines, reimburse the fees associated with doing so.
SoFi and Samsung also assert that these new Money accounts have no fees and are secured by the FDIC and the OEM's Knox software. They may also offer "higher interest relative to the national average of transactional accounts" on money kept in them. This new card should be available to US customers at some point during the summer of 2020.