Samsung and SoFi launch money management tool

Electronics giant Samsung has partnered US digital lender SoFi on a mobile-first money management platform and Mastercard debit card.

The Samsung Pay debit card was unveiled earlier this month but the partners have now provided more detail on an accompanying fee-free cash management account.

Launching later this summer, Samsung Money by SoFi promises higher-interest earning and a combination of the convenience of mobile payments and the control of a debit card.

The account can be set up through a Samsung phone, after which users can, with just a tap, 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.

Users can also enrol in the Samsung Rewards programme to earn points for every purchase they make using the service.

Sang Ahn, GM, Samsung Pay, North America Service Business, says: "Samsung Money by SoFi is our biggest move yet to help users do more with their money...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."