We can’t say we didn’t see this one coming from a long way off. Apple launched a physical credit card, then Huawei decided to take a shot at it. It was only a matter of time before Samsung did the same, followed by… well, any other smartphone maker that thinks it can also be a bank.
We’ve been expecting the launch, or something like it, for the last few weeks — though we were also expecting something like Samsung Money ever since Apple announced a physical credit card. As the rumours suggested, Samsung’s partnered with a fintech company called SoFi to bring its physical card to market.
Samsung doesn’t seem to be doing much heavy lifting here. Their partnership with SoFi sees users get their hands on a physical MasterCard on signing up, along with an “individual or joint cash management account” administered by SoFi. The benefits include ATM-fee reimbursement (in the States, don’t get excited), and the ability to save and earn interest. Sounds… decent.
There are other benefits too. Besides the snazzy dark card, most of the account info is handled by Samsung Pay. User info isn’t actually on the card itself, so you could technically post photos of it on social media without losing your savings. Details are kept in the Samsung Pay app, which is secured by Samsung’s KNOX encryption. Should users be using Samsung’s biometric access to the app, then “[u]sers assume zero liability should an unauthorized transaction occur.”
It actually sounds like quite a slick development. Just… don’t expect to get one here just yet. The launch will be confined to the States for now and takes place later this year. No details have been revealed about launches in other countries but we’ll keep you posted.