Samsung is in the process of creating its own debit card, one that’s “innovative,” for use with Samsung Pay, like Google and Apple…
Apple isn’t the only tech company to enter into the fintech world. Just late last month, a product leak revealed Google is also working on its own physical (and virtual) card. But, unlike Apple, which offers a credit card, Google’s would be a debit card. Now, Samsung is developing its own card, to work with Samsung Pay.
Samsung Pay Debit Card Under Development
The Samsung Pay debit card is part of a deal with SoFi, a financial startup company. The reason for it — along with the Apple credit card and the reported Google Pay debit card — is to tap into the wealth of personal information consumers have in their buying, not just in their purchases, but their patterns, and other vital information.
There’s another reason for developing a payment system — the steady decline in smartphone sales. People are holding onto their devices for longer periods of time for several reasons. Among them is the cost of replacement, but others include the lack of innovation and excitement around new mobile hardware.
Sang Ahn, Vice President and GM of Samsung Pay, North America Service Business, writes on the official website:
“Over the past year we have been busy developing a mobile-first money management platform. 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.”