Samsung has reportedly been working on a ‘mobile-first money management platform’ for a year.
Samsung already offers "Samsung Pay" service to its consumers. (Photo: Samsung)
South Korean multinational conglomerate Samsung has been working on its own physical and Samsung Pay debit card and plans to launch the same, the company announced today in a blog post by Sang Ahn, VP & GM of Samsung Pay in North America said in a statement on Friday.
“As a first step to this broader vision, this summer Samsung in partnership with SoFi will introduce a new Samsung Pay experience with an innovative debit card backed by a cash management account. We are excited to share more details in the coming weeks,”, said Ahn.
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Samsung already offers “Samsung Pay” service to its consumers. The service has now completed five years. The upcoming service will help Samsung Pay customers take control of their everyday finances.
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Samsung has reportedly been working on a ‘mobile-first money management platform’ for a year.
While the South Korean tech giant has not revealed much about its debit card, the card will be backed by a cash management account based on smartphones.
Google is reportedly working on its own branded payment card as well. The Google smart debit card will connect to a Google app with features that “let users easily monitor purchases, check their balance or lock their account”.
The card will be co-branded with different bank partners, including CITI and Stanford Federal Credit Union.
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