Samsung is the latest tech company looking to get into the personal finance game. According to Samsung, the company is planning to introduce a debit card for Samsung Pay this summer. The card will be backed by SoFi, an online personal finance company that has gained traction in the last five years.
Tech companies getting into personal finance is becoming a trend. The Apple Card is a credit card that was launched in 2019, whereas Google’s rumored to be working on a debit card of its own. Samsung’s plan is more in line with what we’re hearing about Google’s plan. The Samsung debit card will be tied into Samsung Pay and offer users more ways to manage money.
Samsung Pay was launched in 2015 and it allows select Galaxy devices to pay at virtually any terminal thanks to Magnetic Secure Transmission (MST). In contrast, platforms such as Google Pay and Apple Pay only use NFC for payments. To date, Samsung Pay has been about mobile payments and rewards, but the introduction of the debit card will bring new money management tools to the service as well.
This announcement comes as Samsung celebrates 5 years of Samsung Pay. The company says they will have more information to share in the coming weeks. What do you think of the idea of a Samsung debit card? Is this something you’re interested in?
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