Samsung Pay has been around since 2015 and while it is not the most widely used mobile payment system, it still is a nice service that most users on Samsung devices still use. One of the best things about Samsung Pay is that it comes with MST support, this service that users can use the traditional swipe point of systems to pay.
Samsung is currently celebrating 5 years of the service, and while doing so, they have announced to bring a debit card into the market. Samsung is doing it partnership with SoFi and it is happening this summer.
Samsung Card Will be an Innovative Debit Card with a Money Management Platform
Samsung will not be the first company to do it, however. Apple Card has been around for some time and even Google is jumping the bandwagon. The difference here is that Samsung and Google's versions are debit cards. Samsung took to their blog and announced the plans for the debit card and while they have not announced many details about the card, they did share that the new card will come with a cash management account that will be running in your phone. Samsung is making this announcement to help people have proper control over their finances.
The company has been working on this platform for years, and they believe that this will help users manage their finances and meet financial goals. Samsung has been working with different financial services to make Samsung Pay a much better option for those who are using it. Obviously, comparisons can be directly made to Apple Pay but there are differences; for starters, Samsung Card will be a debit, whereas Apple Card is credit. Additionally, Samsung Card is not tied to a large banking service whereas Apple is working with Goldman Sachs.
With that said, we are looking forward to seeing just how innovative Samsung Card is going to be. Moreover, if Samsung is coming up with something like this, will we be seeing more payment methods and debit/credit cards by other companies too?