Samsung Pay expands to face rival Apple with launch of branded debit card this summer
- Samsung Pay was launched in 2015, but was a digital service on the smartphone
- Now the company is rolling out a branded debit card to users this summer
- The card will also support a cash management account with SoFi
- This decision is an attempt to take Apple Pay, which was released in 2019
Samsung Pay is moving from the smartphone to your hands, as the company announced that it is about to launch an “innovative” physical debit card.
The brand card would be supported by a cash management account in partnership with the personal finance company SoFi.
Both products will first be released in the United States this summer, but details of the services will be shared “in the coming weeks”.
The move allows Samsung to compete with Apple, which rolled out a branded payment card in 2019.
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Samsung Pay is moving from the smartphone to your hands, as the company announced that it is about to launch an “innovative” physical debit card. This decision allows Samsung to compete with Apple, which rolled out a branded payment card in 2019
Samsung launched Samsung Pay about five years ago, a digital card that lets you use your smartphone to shop at retail stores.
However, the company is changing gears and wants to join its rivals by offering a physical card to users.
Sang Ahn, vice president and general manager of Samsung Pay, said in a blog post: “ When we launched Samsung Pay in 2015, we brought never-before-seen technologies to the mobile payments experience. ”
“At the time, Samsung Pay was the only mobile payment platform with secure magnetic transmission technology (MST) and NFC functionality, which allows you to pay almost anywhere you can swipe a card.”
“Even today, Samsung’s MST technology remains unique among mobile wallets.”
MST emulates the magnetic strip on the back of a physical card to transfer details to the Samsung Pay app.
This allows the digital card to be accepted in a traditional card dispenser or payment terminal.
Samsung launched Samsung Pay about five years ago, a digital card that lets you use your smartphone to shop at retail stores
And that’s what has separated Apple’s business in the past – Apple Pay has only been accepted in certain places with near field communication (NFC) technology.
But now that Apple has switched to a physical card, Samsung knows it has to follow this example.
“Samsung Pay will expand our service, which will be a rewarding way to shop and pay, but also a rewarding way to manage money,” Ahn wrote.
“Over the past year, we have been busy developing a mobile-first money management platform”
Apple launched a physical card for Apple Pay in 2019
“Our vision is to help consumers better manage their money so that they can achieve their dreams and goals.
“Today more than ever, mobile financial services and financial management tools will play an even more important role in our daily lives while opening up new possibilities.”
Samsung will partner with SoFi, an American company specializing in online personal finance, to develop a cash management account for users.
Google would also work on its own branded payment card and Huawei could also participate in the race with its own card.