As Samsung celebrates five years since the launch of its in-house mobile payment service – Samsung Pay – the company is looking at new frontiers to expand its adoption. The next step towards achieving that goal is a Samsung Pay debit card.
Sang Ahn, Vice President and GM of Samsung Pay, revealed in a blog post that Samsung will launch an “innovative debit card backed by a cash management account” in partnership with SoFi. The Samsung Pay debit card will arrive this summer, but there are no further details available as of now.
As for what a cash management account is, well, it combines the features and benefits of checking, savings, and investment accounts in broad terms. Samsung’s move is not unprecedented, as chief rival Apple already offers a credit card, and Google is reportedly working on its own version too.
Source: Samsung Newsroom