tech

Samsung Pay debit card with cash management account coming this year

As Samsung Pay completes five years of its existence, the company has announced plans to launch a debit card. Google is also rumoured to be working on a physical debit card.

Samsung and its partner SoFi are bringing a debit card this year
Samsung and its partner SoFi are bringing a debit card this year (Samsung)

Samsung will launch Samsung Pay debit card backed with a cash management account this summer, announced Vice President and GM of Samsung Pay Sang Ahn in a post on Friday. Samsung has tied up with personal finance company SoFi for the new venture.

"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. Our vision is to help consumers better manage their money so that they can achieve their dreams and goals," wrote Ahn in the post.

"Now more than ever, mobile financial services and money management tools will play an even bigger role in our daily lives while also opening up new possibilities," he added.

It's worth noting that Samsung already offers "Samsung Pay" service to its consumers. The service has now completed five years. In the meanwhile, Apple has experimented with self-branded Apple Card, a credit card launched in partnership with Goldman Sachs. The card is however limited to Apple's ecosystem.

While Apple has already taken a lead and Samsung has confirmed its plans, Google is also said to be working on something similar. According to a recent report, the 'Google Card' will be launched in partnership with VISA. The debit card will work through a Google app with transactions and other relevant details.