The South Korean tech giant Samsung announced that it is planning to launch its own version of the debit card ‘Samsung Pay Debit Card’. Samsung has partnered up with personal finance company SoFi to develop the smart debit card. The card will be backed by a cash management account.
Sang Ahn, Vice President and General Manager of Samsung Pay in North America announced, “This summer Samsung in partnership with SoFi will introduce a new Samsung Pay experience with an innovative debit card backed by a cash management account”
Vice President Ahn said that the company had created Samsung Pay because it believed that the most powerful tool for managing finances is a device that is always at the user’s fingertips.
He further added, “As these days more and more, people are counting on technology to help them make contactless payments, and manage their finances without leaving the house. We are here to help. Our mission is to make everyday life easier so you can focus on what’s most important.”
The debit card to be launched by Samsung will have a cash management account that users will be able to run on their smartphones. With the help of this service, Samsung Pay customers will be able to take control of their day-to-day finances and track their spending.
Along with the debit card the company is launching the mobile-first money management platform with plans to expand its custom payment service Samsung Pay, to help users manage their finances. The new Samsung Pay Debit Card which to be launched soon will offer users multiple money management tools. Samsung has been working on the Debit Card plan for a year now.
The outbreak of Covid-19 and severe lockdowns imposed by countries across the globe have hit various industries including the smartphone market. Samsung smartphone business has also witnessed a steep fall in its profit due to the pandemic. Experts at Samsung expect that after the introduction of the Samsung Pay debit card, the Smartphone segment of the company will also get some financial boost.
Over the last five years, the South Korean tech firm Samsung has made several partnerships to make Samsung Pay far more accessible to the customers. However, Samsung Pay cannot claim to be the most widely used payment portal but due to the MST (Magnetic Secure Transmission) support system, it is exceptionally flexible and easy to use.
Samsung Pay is one of the first platforms of its kind to offer a user rewards program. This specific program helped users generate and claim the reward on their buys. The users could also avail of a cashback program on retail purchases.
The company has further plans to promote the platform by adding more services and features to the Samsung Card. however, the features of the upcoming debit card have not been revealed yet, they might be disclosed on its launch day.
Apple already offers a similar card in partnership with Goldman Sachs which can be used Apple Pay feature on an iPhone or Apple Watch. A consumer can track his spending on a Card inside iOS’s Wallet app. Last month, few reports said that the internet search giant Google is also coming up with a similar physical and virtual debit cards.