This is Samsung's effort to give customers a mobile-first money management system. While Samsung Pay sort of fits that role, this takes things a few steps further. It of course includes the new debit card. Which can be used anywhere debit cards are accepted.
Samsung Pay can also be used anywhere debit cards are accepted thanks to the technology that powers it. But this will give Samsung Pay users a way to pay for things in-store using a physical card if they so choose. And more than that, Samsung Money by SoFi offers other benefits outside of physical payment card use.
Samsung Money by SoFi is all about the cash management
When you really step back and think about it, this initiative isn't primarily about the debit card. That's really just a perk.
The initiative is more about offering users a mobile-first cash management system. Backed by SoFi, which is an established FinTech company, this new system for Galaxy users lets them set up a cash management account that they can primarily access right from the palm of their hands.
It also comes with a debit card so any money stored in that account can be withdrawn from it when you pay using the card. Just like with a checking account. Samsung says it also provides benefits. For example, users can withdraw cash from ATMs.
If the ATM is included in Samsung and SoFi's network, then users are reimbursed for any fees that may have been occurred by using it. Samsung states that the network includes more than 55,000 ATMs. Although this is probably limited to ATMs at banks and credit unions, and not the small ones located in most convenience stores.
Users can sign up for the wait list starting today
Samsung Money won't be launching until later this Summer. Something which Samsung already confirmed in the beginning of the month.
There's still no exact date for the release. Samsung is allowing users to sign up for the wait list though starting today. There are two ways to do that if you're interested in setting up an account once the service goes live.
First, you can head to this website and go through the necessary steps that Samsung is requiring users to complete. Which really shouldn't be anything more than entering your email.
Alternatively, if you have a Samsung Pay account, then you can open the app after updating it and heading to the new "Money" tab that will be available. From there, follow the steps required and you'll be all set in no time.
After that it's just sitting back and waiting for Samsung to accept your request.