There were earlier speculations that Samsung was preparing its own payment card, and today these reports have been confirmed. The South Korean company has officially introduced Samsung Money by SoFi to the world.
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As the name of the card implies, Samsung is cooperating with the American financial company SoFi (Social Finance Inc.) on the entire project. The issue of the card was taken under the auspices of the Master companyCard. Owners will find only their name on the luxurious-looking card. Data such as the card number, expiry date or CVV security code will only be available in the Samsung Pay application with which the card is linked. This application is not only used to manage finances, but also a virtual Samsung Money card will be stored here. As soon as the card arrives in physical form, you can also activate it via the Samsung Pay application.
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Future Samsung Money users can choose to open a private or shared account, but that's certainly not the only benefit Samsung has in store. Customers using Samsung Money can look forward to free account management, free withdrawals from more than 55 ATMs across the US, account insurance up to $1,5 million (6x more than regular accounts), extended two-year warranty on products purchased from selected partners or for shopping rewards. Samsung's loyalty program works on the principle of earning points, which can then be exchanged for various discounts on Samsung products. After reaching 1000 points, it will be possible, for a limited time, to exchange these points for real money. For those who register on the waitlist, there is a chance to win $1000 to purchase products from the South Korean company's workshop.
Samsung Money will launch in the US this summer. The press release does not mention availability in other countries, but it is clear that since the payment card is dependent on the Samsung Pay application, Samsung Money will not be available in the Czech Republic.
