Samsung Pay debit card is launching later this year, according to a blog post by the company. As the latest addition to their financial services and a new way to use the Samsung Pay app, the company will be able to cover both mobile payments of various types, and card transactions.
Samsung is the first tech company to release a physical card for transaction, although Apple had released Apple Card in partnership with Goldman Sachs in early 2019 and received good feedback with few complaints.
Over the past year, Samsung has been developing a mobile-first money management platform, saying that they believe “the most powerful tool for managing your finances is the device that’s always at your fingertips”.
This development has culminated in the launch of a dedicated Samsung Pay debit card, the next step in their financial service evolution. The company said that their partnership with personal finance company SoFi has allowed the debit card to be supported by a cash management account (CMA). CMAs are accounts that can combine several services including checking, savings and/or investments accounts, all in one product.
Samsung Pay has been continuously expanding the range of financial tasks it can bring forward since the first day of their launch in 2015. Over the past five years, the company collaborated with several leading innovators, and made partnerships with top financial institutions to be as accessible and universally accepted as possible.
Samsung Pay was the first to launch a Cashback service for online shopping, a Tap to Pay system to assist in public transits, and a rewards program to earn points through each transaction, reportedly responsible for 13 billion points being earned for billions of transactions.
All in all, the company says Samsung Pay debit card would be a great and much needed addition to Samsung’s financial service resources, on track with their goals in assisting users in their everyday financial transactions.
The company did not so far specify where Samsung Pay debit card will launch outside the US, but they are excited to reveal more details in the near future.