Samsung has partnered with SoFi to launch payment related service named as Samsung Money by SoFi. Samsung will also be launching Physical Debit card which will be powered by MASTERCARD network.
Samsung has been the first among Mobile Manufacturers to introduce payment solutions. Samsung Pay works with NFC and MST combined in selected flagship phones.
Samsung Money by SoFi
Samsung Money by SoFi is a mobile-first money management experience that brings a cash management account and a Mastercard-branded debit card along with exclusive benefits to Samsung Pay. The account is secure, has no account fees, and rewards you for saving with an interest rate exceeding the average national savings rate.1 At a time when more of us are leaning on technology to take care of essential tasks, Samsung Money by SoFi puts your primary financial tools right at your fingertips in the Samsung Pay app.SoFi Blog
Samsung Pay was the only mobile payments platform with built-in magnetic secure transmission technology (MST) along with NFC functionality, making it possible to pay practically anywhere you can swipe a card. Even today, Samsung’s MST technology remains unique among mobile wallets.Samsung News
Some time ago, we have shared news that Google is working on Debit Card solution. This is the next trend set by Apple by launching Apple Card, followed by Google and now Samsung following the footsteps.
There is not much information about Samsung Money and Card now, but Samsung’s Debit Card are officially confirmed by them in series of news posts and same can be seen on SoFi blog.
Samsung’s card will be used more similarly as Google Cards. Google is planning to integrate Google Cards in Google Pay for top-up and transaction recording, Samsung is planning to integrate debit card with Samsung Pay App similarly.