Thursday, April 18, 2024

Samsung Pay will soon get its own innovative debit card

More and more smart companies are becoming fintech companies. In any case, they are entering the financial sector with more and more of their own products.

Following in the footsteps of Apple Card and in the shadow of a rumored branded debit card solution from Google, Samsung announced on Thursday its intension to introduce a physical debit card product in partnership with the financial company SoFi.

When the company launched Samsung Pay in 2015, it brought never before seen technologies to the mobile payments experience and is slated to advance to the next level. The South Korean smartphone manufacturer is planning its own innovative debit card backed by a cash management account for this, according to the blog post by Sang Ahn, Vice President and GM of Samsung Pay,

Over the past year, Samsung has also been developing a “mobile-first money management platform,” according to Ahn. His blog does not detail the features of this money management platform or the next debit card, but he says Samsung will share more details “in the coming weeks.”

Apple previously released Apple Card, a branded credit card supported by Goldman Sachs and Mastercard in August 2019. The Apple card is both a titanium card that you can insert into your wallet and a digital card that you can use via Apple Pay on your iPhone and Apple Watch.