Samsung Pay unveils its first debit card in partnership with SoFi

It is set to launch later this summer.

What you need to know

• Samsung has teamed up with SoFi to launch Samsung Money by SoFi.
• Samsung Money by SoFi brings a cash management account and a Mastercard debit card within Samsung Pay.
• The account rewards users for saving by offering a higher interest and in-network ATM fee reimbursement at over 55,000 locations in the U.S.

Samsung today introduced a mobile-first money management experience called Samsung Money by SoFi. It brings a Mastercard debit card and a cash management account with exclusive Samsung Pay benefits, in partnership with San Francisco-based fintech company SoFi.

Sang Ahn, Vice President and GM of Samsung Pay, said in a statement:

Samsung's goal is to make everyday life better by putting powerful tools in the hands of Galaxy users. Samsung Money by SoFi is our biggest move yet to help users do more with their money. Samsung Pay is already the most rewarding shopping and payments experience driven by numerous innovations over the years. Now, users can access mobile-first financial services and earn exclusive Samsung benefits. We're excited to help our users reach their financial dreamsby allowing them to spend, save and grow their money and access it easily and securely.

Galaxy smartphone users will be able to open an individual or joint cash management account with the new offering and earn a higher rate of interest compared to the national average for transactional accounts. Samsung Money by SoFi also promises in-network ATM fee reimbursement at over 55,000 locations in the U.S.

Those who enroll in the Samsung Rewards program will be eligible to earn points for every transaction that they make using Samsung Pay. Loyal Samsung Pay users with more than 1,000 Rewards Points can redeem their points for cash that will be deposited into their Samsung Money by SoFi account. Another exclusive benefit of a Samsung Money by SoFi account is that it is FDIC insured for up to $1.5 billion.

To manage your Samsung Money by SoFi account, all you need to do is open the Samsung Pay app on your Galaxy smartphone. With just a single tap, you will be able to check your balance, review statements, search for transactions, pause or restart spendings, freeze or unfreeze your debit card, change the pin, assign trusted contacts, and more.

Samsung says users will be able to set up a new account in the Samsung Pay app in a jiffyl. The debit card will appear within Samsung Pay as soon as it is approved. Once users receive the physical debit card in the mail, they will be able to activate it with a tap by opening Samsung Pay.

Samsung Money by SoFi will be available to consumers in the U.S. later this summer. To sign up for the waitlist, head over to the dedicated page at this link.

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