Samsung launched its mobile payment service five years ago.
Josh Miller / CNET
Samsung Pay is five years old and is given a gift for adults for her birthday: a debit card.
Samsung plans to launch a debit card this summer, backed by a cash management account. A partnership with the online finance company SoFi is planned for the new card.
“In 2020, Samsung Pay will evolve from a rewarding way to shop and pay to a worthwhile way to manage your money,” said Sang Ahn, general manager of Samsung’s North American Samsung Pay business, in a draft blog post to CNET. “Last year we developed a mobile first money management platform.”
Look at that:
Apple Card: 3 months later
8:48
A debit card would mark the latest development from Samsung Pay. It would join Apple’s credit card – called Apple Card — and a Rumored to be debit card from Google. All companies have been looking for ways to expand beyond paying for items with their mobile devices. Offering a credit or debit card is one way to strengthen customer loyalty in the tough competition for smartphone customers. It also comes at a time People watch their budgets closely in the light of the world’s first coronavirus pandemic.
Samsung has launched its mobile payment service for its smartphones and wearables in 2015. The idea was that users would pay for items by swiping their Galaxy device near a store’s cash register instead of swiping a credit card. It was similar to Apple Pay, which started operating a year earlier, but didn’t require any special POS terminals with NFC technology. Instead, Samsung Pay worked with NFC, magnetic stripe and EMV terminals (Europay, MasterCard and Visa) for chip cards.
Since then, Samsung Pay has given users the opportunity Add loyalty cards, receive Cashback on certain purchases and use promotions. This includes bonus Samsung account points and coupons from a number of participating retailers. Chase Pay users can also link their existing digital wallet to Samsung Pay and pay for local transportation with Samsung Pay.
“We developed Samsung Pay because we believe that the most powerful tool for managing your finances is the device that is always on hand,” said Ahn of Samsung in a draft blog post. “Over the past five years, we’ve worked with leading innovators to bring new experiences to life that make it easier to take care of the things that matter most.”
Apple launched and launched its Apple Card last year Let people sign up for their physical credit card in August. It is designed for iPhone User, has no fees, offers daily cashback rewards, and works with Apple Pay. It also exists as a titanium physical credit card. It is part of Apple’s efforts not only to be the “iPhone company” but also to generate recurring revenue from services.
Google is believed to be developing physical and digital debit cards that are tied to an app for payments, managing purchases, and checking credit. The goal is to make the card the basis of the search giant’s Google Pay mobile payment service.
CNET’s Lexy Savvides and Rich Nieva contributed to this report.