It will launch the card in partnership with SoF
Samsung plans to launch a Samsung Pay debit card this summer, the company announced today in a blog post by Sang Ahn, vice president and general manager of Samsung Pay in North America (via Android Central). Samsung will launch the card, which will be backed by a cash management account, in partnership with personal finance company SoFi, Ahn said.
Samsung is also developing a “mobile-first money management platform,” according to Ahn. His blog doesn’t detail what features that money management platform or the upcoming debit card may have, but he does say that Samsung will share more details “in the coming weeks.”
Samsung joins Apple in offering a branded payment card. Apple’s is the Apple Card, a credit card issued in partnership with Goldman Sachs and launched in August 2019. The Apple Card is both a titanium card you can put in your wallet and a digital card you can use via Apple Pay on your iPhone and Apple Watch, and you can track spending on your Apple Card inside iOS’s Wallet app.
Google is reportedly working on its own branded payment card as well, though Google’s will apparently be a debit card, like Samsung’s. Google will also supposedly offer spending-tracking tools for the card.