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. The South-Korean company’s payment service called Samsung Pay will also soon launch a new debit card of its own. The company announced during its recent 5-year celebration of the Samsung Pay service that the card will launch this summer and will be made in partnership with SoFi, a San-Francisco based fintech company.
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.
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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 cashback on purchases made with select retailers.
While it may seem the Samsung Pay card is directly comparable to Apple Card, there is a major difference. The Samsung Pay card is a debit card, unlike Apple’s credit card. The similarity is that both platforms are tied to a banking service. For Samsung, it is SoFi, whereas for Apple that would be Goldman Sachs. The company could also elevate the platform further by launch more services or features alongside the Samsung Card. We’ll find that out in a close-by launch hopefully.