The brand known worldwide for its products tech launches in the fintech. Here is the first debit card of Samsung.
© Samsung
After its mobile payment service, Samsung Pay, that is that the south-Korean company has just lifted the veil on its first debit card. In a press release, Samsung has announced its project of reconciliation with the world bank and the landscape of fintech. Finally, instead of launching its own banking establishment, the brand has partnered with SoFi and Mastercard, in order to provide digital equipment of high quality.
Rather than think of the neo-banks, we would tend to refer to the decision of Apple, there is more than one year, who had pulled out his own credit card (and not debit). But the next offering from Samsung looks more like all of these new online banking solutions. By creating an account current Samsung Money, the debit card available will solve all of their purchases, and the overall management of the account will be made via the mobile application.
© Samsung
Samsung Money and his credit card are announced for this summer. The firm has not yet specified exact date. But to defend themselves in a segment of more comprehensive, the project will turn in a first time on the market of the United States only, where the neo-banks, such as N26 and Revolut are not yet very popular. There are no account fees and the interest will be higher than average, according to the two partners, Samsung and SoFi.
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The first benefits of Samsung’s Money
Normally, the card will be available this summer. The first information shared today by the press release is about the design of the card, and the benefits of the service Samsung Money. It is to be noted that Samsung has not wanted to play the same strategic that Apple, with a map resolution built in plastic rather than titanium.
© Samsung
To hope to bring in a maximum of new customers to its new ecosystem, Samsung has said that a special offer would be made for the customers Samsung Money that would Samsung Pay. In essence, it would be a sort of loyalty programme which, instead of being an offer of cashback – would be a system of points earned on each transaction carried out by Samsung Pay. Past a certain number, the program “Samsung Rewards” will reward the user into paying money on its account SoFi/Samsung Money.
As in some premium accounts of neo-banks, Samsung Money has decided that the withdrawals by distributors automatically will be free of charge for users of the debit card. It is not clear whether a cap will be introduced, but we can imagine that this offer will only last for a time, unless the subscription to the map layer with that of payment institutions current. Once ordered, the card Samsung will be directly available in the form of a virtual card on the app. Once received, the physical map will not need to be unlocked in a vending machine.
