It has just been announced that Samsung is planning to launch its version of a Samsung Pay debit card this summer in partnership with SoFi.
Samsung is seriously going for it
Tech giant Samsung is planning to launch its version of Samsung Pay debit card later this summer, which was announced in a company blog today by Sang Ahn, vice president and general manager of Samsung Pay in North America.
Samsung is going to launch the card, backed by a cash management account, through a partnership with personal finance company SoFi, Ahn said.
Ahn also said that Samsung is developing a "mobile-first money management platform." The blog doesn't go into much detail about what other features the money management platform, as well as the upcoming debit card, may have. However, he did mention that Samsung will be sharing more of the details "in the coming weeks."
Samsung is going to compete against Apple and Google
Samsung is now gearing up to join Apple in offering its customers a branded payment card, which can be another method of payment. Apple's Apple Card, which is a credit card in partnership with Goldman Sachs, was launched in August 2019.
The Apple Card is a titanium card and as well as a digital card that you can use to pay via Apple Pay on your iPhone and Apple Watch. You can also track your spending, as well on your Apple Card, inside iOS's Wallet app.
It's safe to assume that the Korea-based company might also go that same route for their soon-to-be-launched debit card. Google is reportedly also working on its own branded payment card to keep up with both Apple and Samsung. Google will be following Samsung's footsteps in making its debit card, and will also offer spending-tracking tools for the card that's still in development.