Samsung is the latest tech giant to announce plans to offer its own branded debit card.
The banking and financial markets are quickly shaping up to be the next frontier for tech giants. Moving into the space helps keep the companies’ customers invested in a specific ecosystem, one that goes beyond basic electronics. Apple unveiled its Apple Pay card, T-Mobile launched T-Mobile Money bank accounts and Google recently announced its intentions to launch its own debit card. Samsung is now joining the club, expanding its Samsung Pay to include a debit card.
“In 2020, Samsung Pay will be expanding our service from being a rewarding way to shop and pay, to also being a rewarding way to manage money,” reads the press release. “Over the past year we have been busy developing a mobile-first money management platform. Our vision is to help consumers better manage their money so that they can achieve their dreams and goals. Now more than ever, mobile financial services and money management tools will play an even bigger role in our daily lives while also opening up new possibilities.
“As a first step to this broader vision, this summer Samsung in partnership with SoFi will introduce a new Samsung Pay experience with an innovative debit card backed by a cash management account. We are excited to share more details in the coming weeks.”
Samsung’s customers will no doubt enjoy the expansion of Samsung Pay, while the company will benefit by keeping people in its ecosystem.