Technology

To tackle Apple Pay, Samsung will launch a debit card

The Korean giant announced it will launch a debit card backed by a cash management account. It will work through a partnership with SoFi

Samsung Pay in App. Photo: Samsung/ Courtesy
  • Besides Samsung, Google is also designing a smart debit card;
  • The company didn’t disclose much about the new feature to be launched this summer in U.S.

Samsung Pay announced it will launch a debit card backed by a cash management account in June. It will work through a partnership with SoFi, an American online personal finance company that provides student loan refinancing, mortgages, personal loans, investing and banking.

The big techs are fighting for customers in payments, and to rival Apple Card, Google is also designing a smart debit card.

Samsung said it is expanding its services from being a rewarding way to shop and pay, to also being a rewarding way to manage money. According to the firm, it has spent 2019 developing a mobile-first money management platform to help consumers better manage their money. Samsung is promising technology to contactless payments, shop and manage finances without leaving home.

READ ALSO: Brazilian foodtech 100 Foods raises BRL 1M and forecasts growth amid the pandemic

Samsung Pay was launched in 2015. “Over the past 5 years, we’ve collaborated with leading innovators to bring new experiences to life that make it easier to take care of the things that matter most. Samsung Pay was the first mobile payments platform to launch a rewards program, allowing users to earn Samsung Rewards points with each transaction, in addition to the points they earn from their underlying bank cards; the first mobile payments platform to launch a Cashback service for online shopping; and we forged partnerships with top financial institutions to ensure Samsung Pay is accepted virtually anywhere”, said the company is a press statement.