Samsung Launching Debit Card Product with SoFi
Even in our “new normal,” the FinTech SoFi continues to make a splash. Not only has the company debuted several new products in recent months but has also revealed a handful of acquisitions and partnership. The latest on that latter list is Samsung.
This week, the companies officially unveiled what’s being dubbed “Samsung Money by SoFi.” The upcoming product promises users higher-interest earning, savings and money management tools, and more — all with no account fees. The physical Mastercard debit card will also offer users access to more than 55,000 free ATMs as part of the Allpoint network. On top of that, customers can earn Samsung Rewards and redeem their points for cash that will be deposited right into their Samsung Money by SoFi accounts. Currently the account is set to launch this summer.
Once users are approved for a Samsung Money account, a digital version of their debit card will appear in Samsung Pay right away. Then, once the physical card does arrive, it can be activated from Samsung Pay as well. Additionally, akin to the Apple Card credit card that launched last year, the physical Samsung Money debit cards will not display card numbers, expiration dates, or security codes. Instead, customers can find this information in the “Money” tab in Samsung Pay.
While it wasn’t stated in their press release with Samsung, SoFi had previously told customers inquiring about the partnership on social media that the new Samsung Money card would not impact the FinTech’s own SoFi Money offering — which includes some of the same benefits, minus the Samsung Rewards and some other details. However it is worth noting that SoFi recently converted their SoFi Money debit cards to Mastercard from Visa. It’s unclear if that move was at all influenced by the deal with Samsung or whether Mastercard’s involvement in the Samsung Money product is actually a result of their deal with SoFi.
In a statement announcing the new offering, SoFi CEO Anthony Noto stated, “At SoFi, we’re committed to helping people achieve financial independence both directly through the SoFi brand, as well as indirectly, through partnering with leading brands like Samsung to help the world get their money right.” He added, “We’re excited to partner with Samsung, a world-class technology company, to help power this next-generation financial experience, while expanding the impact of SoFi exponentially.” Meanwhile Sang Ahn — Vice President and GM of Samsung Pay — said of the upcoming account, “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 dreams by allowing them to spend, save and grow their money and access it easily and securely.”
What’s perhaps most interesting about this announcement is how upfront and center SoFi is. While it’s fairly well-known that Apple partnered with Goldman Sachs and the bank’s name is featured on the physical card, it’s rare to ever hear it referred to as “Apple Card by Goldman Sachs” (in fact, Apple famously promoted the card as “created by Apple, not a bank”). Compare that to the consistent use of “Samsung Money by SoFi” in the press release and elsewhere. All this is to say that the FinTech’s entry into the mainstream continues to look successful — and shows no signs of stopping now.