In partnership with a personal finance company ‘SoFi’, Samsung is planning to launch a new debit card linked with Samsung Pay. Samsung is not new to the game. Apple and Huawei already have their own credit card and Samsung is the third smartphone manufacturing company to join the club.
Unlike Apple and Huawei, Samsung is planning to provide users with a debit card and not a credit card.
Vice president and general manager of Samsung Pay in North America, Sang Ahn posted in a blog post, Our vision is to help consumers better manage their money so that they can achieve their dreams and goals.”
Samsung Pay is live for the last 5 years and is doing pretty good. Samsung is promoting contactless payments and this move is in an attempt to encourage people to make payments via cards.
Users will be able to pay digitally using the Samsung Pay app and locally use Samsung Pay Card, so everything’s covered in here.
As per some other reports, Google is also working on introducing its own branded payment card shortly. It is more likely that Google will also introduce a Debit Card instead of a Credit Card. It will be linked to Google Pay to make things easier and managing cards and payments easily.
Apple launched the Apple-branded card in partnership with Goldman Sachs in August 2019. Users’ spending records could be tracked via iOS’s wallet app that is available for a bunch of Apple devices.
Samsung is also working on a mobile-first money management platform and announced the same in the blog post.
The launch date of the new payment service from Samsung is not revealed yet. It might sometime this summer that the company will make it official and live.