Samsung plans to introduce their own Debit Card for Samsung Pay. Technology companies are increasingly focusing on personal finance.
After Apple introduced the Apple Pay service in 2014, the company announced the launch of its new credit card called Apple Card in 2019 and Google is also working on issuing its own Debit Card.
The next company to attempt to join is Samsung, which is set to issue a new Debit Card for their Samsung Pay service in late 2020 or early 2021.
According to a news release from Samsung’s website, Samsung plans to use a “money management account” in partnership with SoFi (Social Finance).
However, since SoFi is not a bank, the money is actually deposited and transacted by another third party company, WSFS Bank.
The Samsung Pay service was introduced in 2015 to a select number of Galaxy devices and offers payment via Magnetic Secure Transmission (MST) technology.
The new Debit card is to be launched in celebration of 5 years of Samsung Pay.
Many have expressed the view that this process, which takes place through a few institutions such as amsung, SoFi and finally the Wilmington Savings Fund Society, will be quite complicated.
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