Samsung introduces a plastic payment card Samsung Money linked to Samsung Pay service

South Korean company Samsung Electronics has introduced its new product to the US market: a debit plastic card called Samsung Money by SoFi, linked to its mobile payment service Samsung Pay and released in collaboration with Mastercard and the fintech company SoFi.

According to experts, the release of  similar physical bank cards by Apple has had a big impact on Samsung’s decision to implement this project. What is happening reflects that despite the active penetration of contactless payment systems in the US (Apple Pay and Samsung Pay) consumer interest in the use of plastic remains significant. To satisfy consumer demand, Apple launched its plastic Apple Card and it is not surprising that Samsung decided to follow suit. To contrast with its competitor, Samsung offered black plastic for the design of its Samsung Money card. This is a perfect visual contrast to the white Apple Card.

The main advantages of the new product by Samsung in addition to the advanced technological component are the absence of any commissions for account maintenance and increased interest rates on deposits.

The launch of the card Samsung Money by SoFi is planned for this summer. To get it, you just need to apply to Samsung Pay and get approval to get a virtual Bank card, which you can immediately use on your smartphone. You can also add a Samsung Money plastic card with home delivery by post as a duplicate of your virtual card.

Naturally, Samsung Pay mobile app has all the necessary tools to manage your Samsung Money card: users can check their balance, view account statements, and track transactions. They can flag suspicious activity, suspend or resume spending on the card, freeze or unfreeze their card, change their pin code and assign a trusted contact.

Like all users of the Samsung Pay service in the United States, Samsung Money owners can sign up for the Samsung Rewards loyalty program, which enables them to earn points for each purchase made using the Samsung Pay service. Points can later be exchanged for money and credited to the card. The company also notes that the Samsung Money account is insured by the Federal Deposit Insurance Corporation (FDIC) up to $ 1.5 million.