Samsung, the South Korean conglomerate is now gearing up for advancement in its payment system. After Apple and Huawei, Samsung is now set to launch a physician debit card. This will be eventually linked to its Samsung Pay app, and help users in spending at retails. Though Samsung hasn’t revealed much about this card yet, it’s told that it will be a debit card rather than credit, and will be coming this summer.
Cards to Apps, and Back to Cards
Physical cards are deemed to be the best alternative for cash, as they’re really helpful in terms of both online payments and carrying liquid cash. But, they’re wearing out eventually. And this payment industry is now taken as a storm by software apps processed by financial tech companies. But still, those tech companies are drawing us back with physical cards again.
And joining this pursuit is the new player, Samsung. It’s the third smartphone company launching a physical payment card after Apple and Huawei. But unlike them, Samsung will be launching a debit card rather than a credit card! And this will be linked to their Samsung Pay, which has just completed 5 years of usage and has processed over billions of dollars, as claimed by Samsung.
Coming this Summer
The company haven’t revealed about the background bank, which will be responsible for processing the payments. But, says it has partnered with SoFi, a fintech company based in California and is dealing with student loans refinancing throughout the USA. Sang Ahn, VP and GM of Samsung Pay, US division said, “Our vision is to help consumers better manage their money so that they can achieve their dreams and goals.”
Further, he said this service will be rolling in summer this year and will share more details of this coming weeks. Aside, Samsung isn’t the only one following this trend, few reports tell that even Google is planning to make a physical card soon, advancing from its GPay app.
Via: Samsung Newsroom
