Samsung introduced its secure and easy-to-use mobile payment system, Samsung Pay, back in 2015 to make mobile payments. Now, to celebrate the five-year anniversary of Samsung Pay, the company will be launching a physical debit card this summer.
The announcement comes from a blog post by Sang Ahn, the VP, and GM of Samsung Pay in the North America division.
As a first step to this broader vision, 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.
According to the post, the company has been working for the last five years to bring “new experiences” to the Samsung Pay mobile payments platform. The Samsung Pay team collaborated with several leading financial innovators to achieve that feat.
Now, the company is planning to launch an “innovative” debit card in collaboration with financial service provider, SoFi. It will be a physical card that will be supported by a cash management account.
Apart from the above information, the blog post does not detail any other features that might come with the Samsung Pay debit card. Ahn wrote that they will “share more details in the coming weeks”. So, we have no choice but to wait for the coming weeks to know what benefits the Samsung card will bring for customers.
Now, we saw Apple come up with the Apple Card in collaboration with Goldman Sachs, and recently we heard rumors about Google making its debit card.
The announcement of a new physical debit card at this time was kind of expected from Samsung as we know that tech companies are now focusing their resources on financial services.