In brief: Setting up an account is easy and you'll gain access to a virtual card upon approval. Once you get your physical debit card in the mail and activate it within the app, it's ready to use. Physical cards don't display your card number, expiration date or CVV number for added security. Should you need it, this data can be found under the Money tab in the Samsung Pay app.

Samsung on Wednesday made good on a promise issued earlier this month to introduce a new financial product.

In partnership with SoFi and Mastercard, Samsung announced Samsung Money, a "money management experience" that combines the convenience of mobile payments with the control of a debit card. There are no account fees, Samsung said, and account holders can earn interest at a rate that Samsung said is higher than the national average.

Users can also enroll in the Samsung Rewards program to earn points on purchases made through Samsung Pay. Upon reaching 1,000 or more points, they can be redeemed for cash that gets deposited directly into your Samsung Money account.

Samsung is also offering in-network ATM fee reimbursement at more than 55,000 locations within the US.

Samsung said its new financial product will be launching later this summer. Interested parties can join a wait list over on Samsung's website.