Samsung announced on Tuesday that it has plans to expand Samsung Pay’s services to include both a debit card and a cash management account backing it. Vice President and GM of Samsung Pay Sang Ahn revealed in a blog post that Samsung is partnering with personal finance company SoFi to launch the new card and account. Both products are expected to arrive in the U.S. this summer, with the “mobile-first money managing platform” has been in development for the past year.
After brands like Apple, Huawei, and even Google ventured into the realm of physical cards to enhance their payment portals and services, we knew Samsung was not going to stay behind.
“In 2020, Samsung Pay will be expanding our service from being a rewarding way to shop and pay, to also be a rewarding way to manage money. Over the past year, we have been busy developing a mobile-first money management platform. Our vision is to help consumers better manage their money so that they can achieve their dreams and goals,” wrote Ahn in the post.
“Now more than ever, mobile financial services and money management tools will play an even bigger role in our daily lives while also opening up new possibilities,” he added.
It’s worth noting that Samsung already offers the “Samsung Pay” service to its consumers. The service has now completed five years. In the meanwhile, Apple has experimented with self-branded Apple Card, a credit card launched in partnership with Goldman Sachs. The card is however limited to Apple’s ecosystem.
Not a lot of details beyond this were revealed. However, Samsung did mention that the card will be backed by a cash management account that will run on users’ smartphones. The service will help Samsung Pay customers take control of their everyday finances. Samsung has reportedly been working on a ‘mobile-first money management platform’ for a year. Further, Samsung believes that the service will help customers achieve their financial goals.
Samsung has made numerous partnerships over the last five years to make Samsung Pay better and more accessible. Today, it isn’t the most widely used payment portal but it does have MST support that makes it incredibly flexible. Samsung Pay was also one of the early platforms of its kind to offer users a rewards program. This allowed people to generate reward points over time as they use the service. These can then be used to claim rewards. A new cashback program was also brought in that offered users 12 percent cash back on purchases made with select retailers.
Google is reportedly working on its own branded payment card as well, though Google’s will apparently be a debit card, like Samsung’s. Google will also supposedly offer spending-tracking tools for the card.