Samsung has plans to launch a debit card this summer
Published on: 2020-05-16 00:41:04 | Category: Business | By: admin
Samsung is bolstering its digital payments platform to offer users a debit card.
The South Korean tech giant revealed that releasing a Samsung Pay debit card later this year would be collaborating with the fintech firm SoFi. The move comes almost a year after Apple, in a collaboration with issuer Goldman Sachs, released its Apple credit card.
Samsung Pay, the company's digital payment app, has been available for five years, but now a cash management system will back it up. Samsung did not give many specifics about the move but in the coming weeks more will be revealed, the company said in a blog post.
The Internet giant has announced plans in April for a branded debit card to go with their Google Pay account. Google was partnering with Citibank and Stanford Federal Credit Union to explore what it calls "smart checking accounts," which would be attached to a Google debit card.
Tech firms gain access to more details about the user's spending preferences by releasing and expending financial services. Often, the services help broaden brand loyalty and tie you further into their current business models.