After witnessing the success of Apple's credit card, Samsung is now working on its own physical and virtual smart debit cards that will allow customers to buy things online as well as in retail stores. In 2020, Samsung Pay will be expanding its service from being a rewarding way to shop and pay, to also be a rewarding way to manage money, according to the company.
"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. We are excited to share more details in the coming weeks," Sang Ahn, Vice President and GM of Samsung Pay, North America Service Business, Samsung Electronics, said in a statement on Friday. Samsung already offers "Samsung Pay" service to its consumers. The service has now completed five years.
The upcoming 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. While the South Korean tech giant has not revealed much about its debit card, the card will be backed by a cash management account based on smartphones. Google is also reportedly working on its own physical and virtual smart debit cards. The Google smart debit card will connect to a Google app with features that "let users easily monitor purchases, check their balance or lock their account". The card will be co-branded with different bank partners, including CITI and Stanford Federal Credit Union.
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