Samsung has unveiled Samsung Money by SoFi, a mobile money management account and accompanying Mastercard debit card.

The partnership with payments FinTech SoFi integrates with Samsung Pay, has no account fees and rewards users for saving - earning higher interest relative to the US national average of transactional accounts.

“Samsung’s goal is to make everyday life better by putting powerful tools in the hands of Galaxy users,” said Sang Ahn, vice president of Samsung Pay. “Samsung Money by SoFi is our biggest move yet to help users do more with their money – now users can access mobile-first financial services and earn exclusive Samsung benefits.”

Launching later this summer, the app marks the beginning of a new partnership between Samsung and SoFi, according to a statement.

SoFi chief executive Anthony Noto added: “At SoFi, we’re committed to helping people achieve financial independence both directly through the SoFi brand, as well as indirectly, through partnering with leading brands like Samsung to help the world get their money right.”

Users can choose between opening an individual or joint cash management account, with in-network ATM fee reimbursement at more than 55,000 locations across the US. After setup, a virtual card will appear instantly within Samsung Pay upon approval, with a physical debit card sent in the mail.

Within the Samsung Pay app, users can 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.

Security comes from Samsung Knox, while the physical debit card will not display the card number, expiration date or CVC. This is all found in a tab within the app, which is further protected by biometric or PIN authentication.

Samsung has also partnered with cryptocurrency exchange Gemini, allowing those with newer Samsung Galaxy models to buy and sell bitcoin and a small selection of other cryptocurrencies, as well as view Gemini account balances and transfer crypto assets into higher security cold storage accounts.

"Crypto is not just a technology, it is a movement," said Gemini chief executive Tyler Winklevoss. "We are proud to be working with Samsung to bring crypto’s promise of greater choice, independence, and opportunity to more individuals around the world."

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