Samsung to launch 'innovative' physical debit card this summer

Following in the footsteps of the Apple Card and in the shadow of a rumored debit card solution from Google, Samsung announced Thursday that it intends to market a physical debit card product in partnership with financial firm SoFi.

Announced in a blog written by Samsung Pay VP Sang Ahn, the next debit card is presented as “innovative” and will be supported by a cash management account at launch.

Little is known about the program beyond a connection to SoFi, although it should be tightly integrated with Samsung’s existing payment products.

“Over the past year, we have been busy developing a mobile-first money management platform,” writes Ahn. “Our vision is to help consumers manage their money better so they can achieve their dreams and goals. Today more than ever, mobile financial services and money management tools will play a role again. more important in our daily life while opening up new possibilities.

Additional informationon on the debit card solution will be revealed “in the coming weeks”.

The expansion of Samsung Pay follows similar movements in the Apple and Huawei market.

In 2019, Apple Card was launched as a branded credit card supported by Goldman Sachs and Mastercard. The card has deep integration with the Wallet app in iOS to provide unique money management tools such as color-coded expense overviews, instant interest calculations and direct access to customer support via . Apple Business Chat. Like other Apple products, security is a major feature of the Apple card.

Google is also rumored to be competing with a more traditional debit card linked to a bank account associated with Google Pay.

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