Following in Apple's footsteps, Samsung recently announced that it wants to introduce its own debit card. Today, the company has finally shared more information on that enterprise, calling it Samsung Money by SoFi as it's backed by said institution (which notably isn't a bank, as it states itself). The account-fee-free service is slated to launch "later this summer" in the US and will offer higher-than-average interest rates and rewards for saving money.
Since Samsung Money is integrated into Samsung Pay, only people who use Samsung phones or wearables will be able to benefit from the service — the Galaxy S6 is probably the oldest device on the list of supported hardware.
Samsung shared that you'll be able to open both individual and joint cash accounts through the service. As soon as you sign up, you'll receive a virtual card in Samsung Pay, and the physical card can be activated via NFC once it's there. Your finances can then be managed right through the Pay app. You can check your balance, review statements, search transactions, flag suspicious activity, pause or restart spending, change your pin — basically anything you need. To get cash, you can use about 55,000 Allpoint ATMs across the US, where you'll receive a withdraw fee reimbursement.
On top of that, you can enroll in the Samsung Rewards program, which will let you earn points for purchases made through the card. The details are still sparse, but once you've got 1,000 points, you'll be able to redeem them for cash rewards deposited into your Samsung Money account.
Some extra security features are made possible thanks to the Samsung Pay integration, too. There are neither card number, expiration date, nor CVV on the physical card — that information is only available in the Pay app.
If you're interested, you can sign up to get a spot on the waitlist (also possible by heading to the new "Money" tab in the Pay app once you've received the corresponding update), but as stated earlier, Samsung Money is only launching later this summer.
Source: Samsung