Samsung began dabbling in personal finance services, offering new, non-fee-paying Samsung Money cash management services and debit cards to Galaxy device users, which will be launched later this summer. details of its service were shared wednesday by the company through SoFi collaboration with online personal finance companies. its debit card will be provided in the united states through mastercard, which will be free of any charges, including those related to overdraft and transfer, and used through certain ATM machines in the united states.
Samsung Money users will be able to check their balances, view past statements and search transactions through Samsung Pay applications. They will also be able to mark suspicious activities, pause or restart consumption, freeze or thaw their cards, change their PIN codes, and designate their trust contacts, all of which can be done through App.
Samsung Money have some limitations. First, there is currently no way to add physical cash to the account and there is no cash return option. users will receive samsung points rewards that can be used in samsung stores and other partners. Galaxy users with at least 1000 samsung bonus points will be able to exchange points for $5, which will be deposited into their Samsung Money account.