Samsung announced that it’s working on a physical card to go with its Samsung Pay service a while ago and the company is finally disclosing some more information via a blog post. The new service is called Samsung Money by SoFi and it’s integrated into already existing Samsung Pay.
Samsung Money will allow you to open up either private or shared accounts and once you receive your physical debit card, you can activate it with NFC. From there, you can manage all your finances going through the service and do pretty much everything you want to without having to call or visit a bank branch. Withdrawing cash from Allpoint ATMs across the US will cost you but Samsung will reimburse the fees.
You also gain access to the Samsung Rewards program so you can earn points with each purchase. When you reach 1,000 points, you can use them to redeem them in the form of cash rewards. Additionally, you get higher than usual interest fees when saving money in your Samsung Money account.
Interesting to note is that the physical card doesn’t have its number or CVV written on it. That information is only accessible through the Samsung Pay app.
Since the service hasn’t launched yet, you can join the waiting list and you will be notified when it launches later this summer.