Samsung will launch a service in way of debit card plus financial health
The company announced in a blog post a few days ago that Sammy plans to introduce a new card with a “cash management account” this northern summer. So far, it looks like the card will only be available in North America, but the company has said it will share more details in the coming weeks.
The project will be supported by private finance company Sophie, which already offers its own credit and debit cards focused on lower fees and cash-back rewards.
“In 2020, Samsung Pay will move toward providing an easy way to manage our services with the proceeds from purchases and payments,” said Sang Ahn, Samsung Pay’s general manager in North America. “Over the past year, we’ve been developing a pre-mobile money management platform.”
Apple joins the semi-personal plastics market. Cupertino launched its credit card, Apple Card, last year with the help of Goldman Sachs and MasterCard. The card offers color coded expense breakdown, instant interest calculation and direct access to customer support via Apple Business Chat.
Google is rumored to be working on a debit card itself, an app that will help users track purchases and check their balance.
Samsung Pay is close to 2015 and, like rival services from Google and Apple, allows users to use their phones as virtual credit cards. It’s convenient for consumers and can generate revenue for tech giants as they keep their footing in the complex web of payments that flow between card issuers, facilitate card taker transactions and card schemes themselves.