| The name of the base system (platform): | Samsung Pay |
| Developers: | Samsung Electronics |
| Date of the premiere of the system: | May, 2020 |
| Branches: | Financial services, investments and audit |
2020: Announcement of the debit card Samsung Money
At the end of May, 2020 Samsung provided own debit card which called Samsung Money. The product is developed with assistance of the technology company SoFi which is engaged in development of the financial software.
From personal data of the card holder only the name and a surname are applied on Samsung Money. The card number, issue date, the CVV code and the signature of the user are absent, and all control of the card is exercised by means of mobile application of Samsung Pay thanks to what protection against theft of money in case of theft or loss of the card is provided.
The debit card of Samsung can be ordered only in the application for smartphones of the South Korean producer, and will bring her by mail or the courier.
In the program for the smartphone detailed information on the account status and all performed operations is available to the card holder. Also in the application it is possible to block the card. The account of the bank card is automatically linked to Samsung Pay. It will be possible to pay purchases using the smartphone.
The program of a cashback — return of a part of money from the made purchases will be available to the user. Samsung says that on card launch more than 55 thousand partners will be connected to a loyalty system (shops, cafe, etc.). Having saved up from 1000 bonus points, the card holder will be able to spend them for different goods.
The beginning of card issue of Samsung Money it is planned for summer of 2020. Originally it will appear only in the American market. In other countries in Samsung do not speak about product availability by May 28.
Samsung notes that accounts of Samsung Money will be insured in Federal corporation on deposit insurance of the USA for the amount to $1.5 million – it is six times more, than an average guarantee for $250 thousand on the majority of debit cards.[1]
Notes
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