MOUNTAIN VIEW, Calif.,
May 27, 2020 /PRNewswire/
-- Samsung Electronics America, Inc., today
unveiled Samsung Money by SoFi, a new mobile-first money management
experience that brings a cash management account and accompanying
Mastercard debit card along with exclusive benefits to Samsung Pay,
in partnership with innovative fintech company SoFi. The account is
secure, with no account fees and rewards users for saving—earning
higher interest relative to the national average of transactional
accounts.1 At a time when people are turning to their
technology to take care of essential tasks without leaving home,
Samsung Money by SoFi makes it easier for them to manage more of
their financial life in the Samsung Pay app.2
"Samsung's goal is to make everyday life better by putting
powerful tools in the hands of Galaxy users," said Sang Ahn, Vice President and GM of Samsung Pay,
North America Service Business, Samsung Electronics. "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."
Launching later this summer, Samsung Money by SoFi marks the
beginning of a new partnership between Samsung and SoFi. As leaders
in mobile and financial technology, Samsung and SoFi share a vision
to make it more convenient for people to take more control of their
financial lives.
"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," said Anthony Noto, CEO of SoFi. "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."
MORE CONVENIENCE, MORE CONTROL
Now more than ever,
people are counting on their technology to help them pay, shop, and
manage their finances. At the same time, many people prefer payment
methods that can earn interest instead of paying it. Samsung Money
by SoFi offers the best of both: a no account fees, higher-interest
earning, money management experience that combines the convenience
of mobile payments and the control of a debit card.
Samsung Money by SoFi puts Galaxy smartphone users in charge of
their spending and saving. Users can choose between opening an
individual or joint cash management account. What's more, users
enjoy in-network ATM fee reimbursement at more than 55,000
locations in the United
States.3
Setting up an account in the Samsung Pay app will take almost no
time at all. The virtual card will appear instantly within Samsung
Pay upon approval. And as soon as users receive their physical
debit card in the mail, there's no need to call a 1-800 number; the
card is ready to use in a snap—just open Samsung Pay and activate
the card with a tap.
To help people manage their finances from anywhere, Samsung
Money by SoFi will put essential financial tools at users'
fingertips. With just a tap in the Samsung Pay app, users can check
their balance, review past statements, and search transactions.
They can flag suspicious activity, pause or restart spending,
freeze or unfreeze their card, change their pin, and assign their
trusted contact—all without ever having to leave home or call a
representative.
EXCLUSIVE BENEFITS & PEACE OF MIND
To help users
make their money go further, Samsung Money by SoFi offers exclusive
benefits. Users can enroll in the Samsung Rewards program to earn
points for every purchase they make using Samsung Pay. As an
added bonus, loyal Samsung Pay users with 1,000 or more Samsung
Rewards Points will be able to redeem their points for cash that
will be deposited directly into their Samsung Money by SoFi
account.4
Samsung, SoFi, and payments technology provider Mastercard are
working to deliver consumers added peace of mind. A Samsung Money
by SoFi account is FDIC insured for up to $1.5 million (six times that of a normal bank
account).5 Samsung Money by SoFi account holders get the
benefit of defense-grade security from Samsung Knox. The physical
debit card will not display the card number, expiration date, or
CVV. Should users need that information, they can easily find it
within the "Money" tab of the Samsung Pay app, which is further
protected by biometric or PIN authentication. Users assume zero
liability should an unauthorized transaction occur.
"We are seeing a seismic shift across the world as consumers
move to digital and expect safe and frictionless experiences," said
Jorn Lambert, Executive Vice
President, Digital Solutions, Mastercard. "Mastercard's digital
first solutions combined with Samsung Money by SoFi shows how our
collective strengths and innovation can deliver this promise of
safety, convenience and ubiquity."
AVAILABILITY
Samsung Money by SoFi will start to be
available to U.S. consumers later this summer. To sign-up for the
wait list and get the latest updates about Samsung Money by SoFi,
simply go to http://www.samsung.com/us/money.
For more information about Samsung Pay, visit
https://www.samsung.com/us/samsung-pay/
Disclosure
Samsung Money by SoFi® is a cash management account, which is
a brokerage product, offered by SoFi Securities LLC. Member
FINRA/SIPC. Neither SoFi nor its affiliates
are a bank.
The Samsung Money by SoFi card is issued by The Bancorp
Bank.
About SoFi
SoFi helps people achieve financial
independence to realize their ambitions. Our products for
borrowing, saving, spending, investing, and protecting give our
more than one million members fast access to tools to get their
money right. SoFi membership comes with the key essentials for
getting ahead, including career advisors and connection to a
thriving community of like-minded, ambitious people. SoFi is also
the naming rights partner of SoFi Stadium, future home of the Los
Angeles Chargers and the Los Angeles Rams, opening in July 2020. For more information, visit
SoFi.com.
About Mastercard (NYSE: MA)
Mastercard is a global
technology company in the payments industry. Our mission is to
connect and power an inclusive, digital economy that benefits
everyone, everywhere by making transactions safe, simple, smart and
accessible. Using secure data and networks, partnerships and
passion, our innovations and solutions help individuals, financial
institutions, governments and businesses realize their greatest
potential. Our decency quotient, or DQ, drives our culture and
everything we do inside and outside of our company. With
connections across more than 210 countries and territories, we are
building a sustainable world that unlocks priceless possibilities
for all. www.mastercard.com
About Samsung Electronics America, Inc.
Headquartered
in Ridgefield Park, N.J., Samsung
Electronics America, Inc. (SEA), is a leader in mobile
technologies, consumer electronics, home appliances and enterprise
solutions. A wholly owned subsidiary of Samsung Electronics Co.,
Ltd., SEA is pushing beyond the limits of today's technology and
providing consumers and organizations with a portfolio of
groundbreaking products and services across mobile devices,
connected appliances, home entertainment, 5G networks and digital
solutions. To discover more about Samsung, please visit
www.samsung.com. For the latest Samsung news, please visit
news.samsung.com/us and follow us @SamsungNewsUS.
About Samsung Electronics Co., Ltd.
Samsung inspires
the world and shapes the future with transformative ideas and
technologies. The company is redefining the worlds of TVs,
smartphones, wearable devices, tablets, digital appliances, network
systems, and memory, system LSI, foundry and LED solutions. For the
latest news, please visit the Samsung Newsroom at
http://news.samsung.com.
1 Samsung Money by SoFi will launch with no
account fees. Fees charged will be subject to change at any
time as described in the account terms and conditions.
2 Compatible with Samsung Pay-enabled Galaxy
smartphones (Galaxy S6 and later) and select Galaxy wearable
devices. For the full list, see:
https://www.samsung.com/us/support/owners/app/samsung-pay
3 SoFi partnered with Allpoint to provide consumers
free ATM access at any of the 55,000+ ATMs within the Allpoint
network. Consumers will not be charged a fee when using an
in-network ATM, however, third party fees incurred when using
out-of-network ATMs are not subject to reimbursement. SoFi's
ATM policies are subject to change at SoFi's discretion at any
time.
4 One-time offer available upon signup for Samsung
Money by SoFi. Requires 1,000 or more points (1,000 points =
$5).
5 The cash balance in Samsung Money by SoFi cash
management accounts is swept to one or more program banks where it
earns a variable rate of interest and is eligible for FDIC
insurance. FDIC Insurance does not immediately apply. Coverage
begins when funds arrive at a program bank. There are currently six
banks available to accept these deposits, making customers eligible
for up to $1,500,000 of FDIC
insurance (six banks, $250,000 per
bank). If the number of available banks changes, or user elects not
to use, and/or has existing assets at, one or more of the available
banks, the actual amount could be lower. For more information on
FDIC insurance coverage, please visit www.FDIC.gov. Customers are
responsible for monitoring their total assets at each of the
Program Banks to determine the extent of available FDIC insurance
coverage in accordance with FDIC rules. The deposits in Samsung
Money by SoFi or at Program Banks are not covered by SIPC.
CONTACT:
Samsung:
samsungservices@berlinrosen.com
SoFi:
pr@sofi.com
Mastercard:
william.tsang@mastercard.com
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SOURCE Samsung; SoFi