Samsung has confirmed the name of the debit card associated with its payment service: Samsung Money. No monthly fees, no ATM commission and with a waiting list already open for first requests. Currently in the United States.
Mobile payments aren’t just done using phones’ NFC, there are also companies that want offer a physical alternative to purely mobile payment. This is the case with Apple and its card for example; something that inspired Huawei or Samsung, which is already ready to offer its Pay-compatible card. It will debut in the US and be called Samsung Money.
Samsung Money: digital card and physical card
After the first announcement from the company which confirmed some of the features, Samsung opened the pre-registration process offering much of the details that the payment service will involve. Created in collaboration with SoFi, an independent financial management company, and with MasterCard as the entity behind the card, Samsung Money seeks a combination of digital and physical world so that its users can purchase from any store with payments linked to their Samsung Pay account.
The future card will begin its journey in the summer, currently in the United States. It will be a debit, there will be no maintenance or use fees at the ATMs. In addition, Samsung Pay points (rewards) can be used like real money as long as there is a minimum balance of 1000 points. And those who sign up on the waiting list will participate in the draw for $ 1,000 in “Rewards”; which can be redeemed for Samsung products.
With the use of Samsung Money, the user receives a physical MasterCard debit card and also the same card in its virtual format and compatible with Samsung Pay. This card can be added to a Samsung mobile phone compatible with the payment service to be used in combination with NFC; with the option of use the physical card in companies that do not have a compatible phone with mobile payments or, quite simply, for those occasions when you do not carry your smartphone with you. All transactions are secured by Samsung Knox.
Samsung Money will currently only be available in the United States. It is likely that the company will extend the card to territories like Spain, but we still have no confirmation.
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