News Samsung Money, the new bet on debit cards that...

    Samsung Money, the new bet on debit cards that will compete with Apple Card


    Samsung would make available a Mastercard debit card (Samsung Money) issued by The Bancorp Bank.

    The Samsung company has proposed a new project to scale to other markets by announcing the launch of a debit card program called Samsung Money.

    The Samsung card will be directly linked with the Samsung Pay application, which will allow users to request the card from the app and use it from there with the cell phone.

    Samsung Pay Features

    One of the things that Samsung Pay will allow is to be able to verify the balance, as well as past purchases, freeze the card and also select fraudulent purchases.

    The bank card is Mastercard and will be issued by The Bancorp Bank, according to the portal The Verge.

    An important point is that according to the technology company, your Samsung Money card will not bring account fees and “higher interest” compared to the average card, the US outlet explained.

    Advantages of the innovative payment mechanism

    Although the functions of Samsung Money have characteristics quite similar to current cards backed by technology companies, this will bring certain advantages specific to Samsung.

    For example, purchases made with the Samsung Money card will generate Samsung Rewards points , which in the future may be redeemed to make Samsung purchases .

    Another advantage is that Samsung Money accounts will be FDIC insured for up to $ 1.5 million. And through the SoFi Association, users will have access to the 55,000 ATMs in the Allpoint ATM network without charges.

    At the moment its availability will be only in the United States.

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