LAST UPDATED: June 6, 2020, 11:20 a.m. EDT: After the Huge success of “Samsung Pay” launched by Samsung in August 2015. Samsung is planning to expand its pay market with a brand new “Samsung Pay Debit Card”. Vice President and GM of Samsung Pay Sang Ahn wrote a blog talking about the company’s new plan to launch the Samsung pay debit card in summer 2020.
Sang Ahn writes that Samsung has entered into a partnership with SoFi, to launch this new “Samsung pay debit card” along with the facility of cash management account. Samsung is planning to launch it first in the United States, this summer.
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. In 2020, Samsung Pay will be expanding our service from being a rewarding way to shop and pay, to also being a rewarding way to manage money. Over the past year we have been busy developing a mobile-first money management platform — Sang Ahn.
Back in 2019, Samsung partnered with Apple to bring Apple payment cards to facilitate apple users to pay with virtual cards. A Credit was also issued in partnership with Goldman Sachs for this purpose.
Right now, Apply Pay is more popular across the globe to do the digital payment via mobile phone with 227 million users. Before Samsung and Apple, Google also launched its first Digital mobile wallet “Google Pay” to provide a better option to do online payment. They are estimating to reach 100 million users this year.
Our vision is to help consumers better manage their money so that they can achieve their dreams and goals. Now more than ever, mobile financial services and money management tools will play an even bigger role in our daily lives while also opening up new possibilities, Says Sang Ahn.
With the increasing acceptance of less physical contact and phone banking, Samsung is ready to give the table another turn. Samsung users will experience an innovative debit card backed by a cash management account. Samsung has not shared much details on his plans yet, But it is expected that it will be a big competition for Apple pay and Google pay that are constantly dominating the market.
There are rumors that Google is also working on Google pay debit cards. If it’s true, Samsung will have a direct competitor in the card market. More details will be announced by Samsung soon says — Sang Ahn.