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Samsung Rolling Out New Samsung Pay Debit Card In The Summer

Source: SOPA Images / Getty

Samsung is the latest tech giant looking to help you manage your finances by offering people a branded payment card.

Sang Ahn, vice president, and general manager of Samsung Pay in North America, announced via a blog post the “next innovation” in Samsung Pay will, in fact, be a new debit card. The card which will launch this summer will be backed by a cash management account that will be in partnership with SoFi,  Ahn revealed in the blog.

There will also be some sort of “mobile-first money management platform” developed as well Ahn revealed. No details as to how this will work were revealed, but Ahn promised more information would be disclosed in the coming weeks.

Per Samsung:

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. 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.

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.

Samsung now joins Apple in the branded payment card department. Apple launched its Apple Card, which is a credit card in partnership with Goldman Sachs back in August 2019. The Apple Card comes in both a titanium card option and a virtual card that lives in the Apple Wallet feature on your iPhone. From there, you can manage all of your purchases and pay your bill. It will be a safe bet that Samsung will also be going the same route with its Samsung Pay Debit Card.

Not to be left out, Google will also be launching its own branded payment card as well, and it will also be a debit card and will reportedly feature spending-tracking tools.

Photo: SOPA Images / Getty