The South Korean giant Samsung is ready to launch its debit card this summer. Now the company is ready to enter into the personal finance game. The Samsung Galaxy users will enjoy the new debit card facility offered by the company.
The app will help users to buy anything in person, online, o through apps. After setting up your debit card in your Galaxy mobile, you don’t need to carry your bulky wallet anymore.
The company announced this big news in its blog. The company is partnering with SoFi which is a student loan-based Fintech. Samsung always gives tough competition to its big competitors such as Apple. In order to maintain its strong position among customers, the launch of the debit card is a good step.
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The program is called Samsung Money and it integrates easily with the Samsung Pay app. The Samsung Money is a cash management program with a master debit card (issued by The Bancorp Bank).
The salient features that the debit card offers are “no fee”. The customers can use the card as soon as they apply for the card in the app and they can start using the card even before the physical card arrives.
The activation of a physical card is easy. When you get your physical card, you just need to tap your card. You get multiple benefits by using a Samsung debit card such as you can check your balance, freeze your card, or can control your card from the app. When making a purchase with Samsung Pay you get additional reward points. When your points reach 1000 points you can convert them into cash.
The physical Samsung debit card doesn’t include any numbers and CVV digits. So if you lose your card, no one can misuse your card. Apple has already launched its credit card. Google’s debit card is also expected to launch soon which is the big rival of Samsung.
Unlike Apple, Samsung opted to launch its debit card. According to a study conducted by Federal Reserve, in the USA, two out of every three transactions are through pre-paid and non-prepaid debit cards. The main limitation that Samsung debit card has it has no way to transfer physical cash into the account. You can redeem your points in the Samsung store.
During this tough competition, it is a great step by the company to enable its customers to do shopping through their smartphones. Although, Apple already takes the lead with the launch of its credit card with Google on its way as well as launching its debit card very soon. The launch of a debit card will help Samsung build its customer’s loyalty.
The General Manager of Samsung Pay, Sang Ahn revealed that the company has always tried to provide its customers with the best innovative technologies. Additionally, the company always takes care of its customer’s value, convenience, and security.
Initially, the company plans to launch this debit card facility only in the USA. According to Anthony Noto, SoFi CEO said in an interview that both companies are trying to provide a robust technological innovation to its customers. With the Samsung Money facility, the customers will be able to fully control their spending, savings, and looking back at their transactions.
The company is on its way to add a physical cash deposit feature as well ver soon. This will enable users to deposit cash through ATM machines. Samsung debit card launch will help people manage financial matters more easily during and after coronavirus pandemic.