Samsung, the South Korean tech giant, is launching an “innovative debit card” in partnership with San Francisco-based fintech company SoFi this summer. The company says that the onset of the pandemic has made mobile financial services and money management tools play a crucial and even a bigger role in our daily lives while also opening up new possibilities. People are counting on technology to help them make contactless payments, shop, and manage their finances without leaving the house.
Samsung has not shared many details about the new debit card yet, Samsung says the new debit card will be backed by a cash management account, running on your phone. Samsung has been working on the “mobile-first money management platform” for a year and believes that it will allow consumers to manage their money more effectively to achieve their financial goals by keeping track of their purchases and money flow.
Samsung created Samsung Pay in 2015 as an innovative way to make mobile payments quickly and easily through a device that is always handy. Samsung Pay introduced built-in magnetic secure transmission technology (MST) along with NFC functionality, making it possible to pay anywhere where swipe was allowed. Even today, Samsung’s MST technology remains unique among mobile wallets. Samsung Pay also allowed customers to collect reward points with every transaction in addition to what the payment bank gave, which was a first such marketing offer in mobile payments.
It was the pioneer in cash back payment for online shopping, according to the company. It partnered with almost all financial institutions to extend the acceptability of the virtual payment card. Consumers have earned more than 13 billion Samsung Rewards points, used Cashback to receive discounts from select online merchants, and used Tap&Pay for public transit rides.
Apple also has an Apple Card and Apple Pay payment gateways. It reached 140 million users in 2018 and the company expects to reach 227 million users by this year-end. Apple has launched a credit card and not a debit card like Samsung. Apple has tied up with Goldman Sachs for handling the transactions. In contrast, Sofi is a small tech company.
Apple Card lives on your iPhone, in the Wallet app. That makes it easy to use. It also has the cashback facility, which is real money and you can use it to shop online.
Google is also planning to launch a debit card soon, according to sources. Statista, the data research company, says that Google Pay will be reaching 100 million users by the end of the year. The Google debit card and associated checking account will allow users to buy things with a card, mobile phone or online. The card will be co-branded with different bank partners, including CITI and Stanford Federal Credit Union, reports Techcrunch.
Vice President and GM of Samsung Pay Sang Ahn revealed in a blog post on the company site that further details about the debit card will be shared in the coming weeks. Samsung Pay users are expected to double this year from 2018, with Statista projecting 100 million users in 2020.
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