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SoFi Powers Samsung Pay Mobile Banking Services

May 28, 2020 / PYMNTS

To help users manage everyday finances, Samsung Electronics America, Inc. has announced a new mobile-focused money management experience called Samsung Money by SoFi. The technology company said the account is secure and offers rewards for those who save, with “higher interest relative to the national average of transactional accounts.” Users can decide to open an individual or joint cash management account with Samsung Money by SoFi. Additionally, users can receive an in-network automated teller machine (ATM) reimbursement at over 55,000 U.S. locations. The virtual card will immediately display in Samsung Pay at the time of approval. When customers receive their physical debit cards, they can open Samsung Pay and tap to activate the card. The card number, CVV and expiration date will not be shown on the physical debit card, but customers can find the information in the Samsung Pay app’s “Money” tab, which the company said is safeguarded by biometric or PIN authentication.