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Samsung to Commence Cash Management Services

Fintech

News

Tech World

June 30, 2020, 4:40 p.m.

Tech Giant Samsung in partnership with SoFi is coming up with a new cash management service to be released soon.

Announced in May, the service will be mainly virtual, and will feature a physical card with no numbers, just like the Apple Card.

The cash management account and debit card is available on the Samsung Pay App. Users will be able to sign up to be part of the waiting list on the pay app and their website. However, this service will only be accessible to Samsung Galaxy owners.

The cash management service has no account charges which are liable to change later. Users who sign up for the card when approved are given a digital version of it instantly in the app. The physical one is shipped to the individual in a few days.

Like the Apple card, there will be no account numbers or CVV embedded on it, giving it an extra layer of protection.

Within the app users can keep track of their balance, transaction history, freeze account and even flag down suspicious activities.

There would also be cash management tips and tools to help users keep an eye on their finances.

Additionally, the app will have an interest rate of 0.2% which seems low, but is a little higher than the national average.

To fund the account, users will have to initiate a balance transfer through another bank account or direct deposit. There is however, no way to deposit physical cash to the account.

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Verny Joy Author

Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.

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