Samsung has announced that it will soon be launching a debit card that is tied to the company’s mobile payment and digital wallet service, Samsung Pay.

According to the vice president and general manager of Samsung Pay (North America), Sang Ahn, the card will be backed by a cash management account, the details of which will be shared in the coming weeks. The debit card will be the result of a partnership between Samsung and SoFi, an online personal finance company that provides various services, including loan refinancing, mortgages, and investment.

Sang Ahn further noted that the card is intended to increase the value of Samsung Pay as a financial service.

“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,” said Sang Ahn, adding that the debit card is the company’s first step towards realising this broader vision.

Sang Ahn also revealed that the card is scheduled to arrive this summer, which starts in June. However, it may take longer for the Samsung Pay debit card to reach Malaysian shores due to licensing and regulation issues.

Launched in 2015, Samsung Pay enjoyed popularity among its users with its adoption of both the near field communication (NFC) technology and magnetic secure transmission (MST) technology as part of its payment solutions. Since then, Samsung has collaborated with many leaders in the fintech and banking industry to enhance its payment platform – for example, supporting the Boost e-wallet in Samsung Pay.

With this announcement, Samsung becomes the latest tech giant to launch a physical card to complement its existing online payment solution. Apple had been the first to do so with the Apple Card in 2019, and Huawei subsequently followed with the Huawei Card – although both the Apple Card and the Huawei Card are credit cards. Meanwhile, Google is rumoured to be in the midst of developing its own smart debit card.

• TAGS:
• Cashless Payments
• Samsung
• Samsung Pay
• Sang Ahn