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Introducing Samsung Money by SoFi

Samsung announced its 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 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.

“Samsung’s goal is to make everyday life better by putting powerful tools in the hands of Galaxy users. 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.” – Sang Ahn, Vice President and GM of Samsung Pay, North America Service Business, Samsung Electronics.

“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. 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.” – Anthony Noto, CEO of SoFi.

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.

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.

“We are seeing a seismic shift across the world as consumers move to digital and expect safe and frictionless experiences. 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.” – Jorn Lambert, Executive Vice President, Digital Solutions, Mastercard.

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