Samsung's new debit card is Mastercard-branded and links with Samsung Pay

Weeks after teasing an "innovative debit card", Samsung today announced its foray into the virtual banking world with Samsung Money.

In partnership with fintech company SoFi, Samsung Money combines a cash management account and a Mastercard-branded debit card with tight integration with Samsung Pay.

It has several benefits such as no account fees, rewarding users for savings with higher interest rates, and earning reward points for every purchase made using Samsung Pay.  

Samsung Pay users with at least 1,000 Samsung Reward Points can redeem their points for cash which will be deposited directly into Samsung Money.

Setting up an account is said to be seamless within Samsung Pay.

The virtual card will appear almost immediately in Samsung Pay upon approval and the physical debit card can be activated with a tap on Samsung Pay.

The physical debit card has no card number, expiration date, or CVV.

These information can be accessed within the "Money" tab in the Samsung Pay app, which is protected by biometric or PIN authentication.

Essential financial tools will be easily accessible; users can check their balance, review past statements and search transactions.

In addition, they can flag suspicious transactions, pause or resume spending, freeze or unfreeze their card, change their PIN and assign a trusted contact without having to make a call.

Samsung Money by SoFi will be available in the US later this summer.