Samsung Announces the Launch of its Samsung Pay Debit Card

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In Brief
  • Samsung recently announced the pending launch of its own debit card for Samsung Pay.

  • The Samsung debit card comes as the next step on the firm's way towards innovation.

  • The card is expected to arrive this summer.

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Technology giant Samsung revealed the next step on its road towards innovation in the form of its own Samsung Pay-connected debit card — which will come out at some point during the summer of 2020.

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Over the last several years, a great many tech firms made a move to join the personal finance industry. Even Samsung joined the game when it launched Samsung Pay five years ago. However, the company is now focusing on making the next step towards its expansion into the finance industry.

Samsung makes the next step towards personal finance

Samsung recently announced plans to launch its own debit card for Samsung Pay. It stressed that it is more important than ever for technology to deliver the ability to make contactless payments. (The announcement actually started with these words, hinting at the still on-going coronavirus pandemic.)

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The announcement then noted that Samsung launched Samsung Pay because it believes that managing finances should be easy and accessible to everyone. The company then kept innovating and improving the app to expand the users’ experience. Now, it is ready to take the next step.

The new debit card is expected to arrive at some point during the summer of 2020. It might still be too early for the firm to provide a more precise date.

The debit card comes as a result of Samsung’s partnership with SoFi, and it will expand on the users’ Samsung Pay experience. The card will be backed by a cash management account that users can make at any time — and the company expects to be able to offer more details in weeks to come.

Rewards for money management

For now, Samsung is stressing how proud it is of its achievements in the past five years. This does not only include the launch of Samsung Pay itself, but also all kinds of improvements that came with it — such as a rewards program that allowed users to earn points for each transaction.

In fact, the same rewards will come as a reward for managing money, instead of just spending it.

It appears that technology is getting more and more connected to finance, which will likely lead towards the two becoming inseparable in years to come.

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Ali is a freelance journalist, having 7 years of experience in web journalism and marketing. He contributes to various online publications. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali's work has been published on a number of well-known publications in crypto and cybersecurity niches. When he is not working, he loves traveling and playing games.

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