Samsung Pay is reportedly going to expand its services with the release of a Samsung debit card. The card will work in conjunction with a cash management account and Samsung is partnering with online personal finance company SoFi to bring this new service to customers.
Samsung wants to release the debit card this summer, according to CNet, and will reveal more details about the Samsung Pay debit card in the coming weeks. Sang Ahn, GM of Samsung Pay North America revealed that the company has been busy developing a mobile-first money management platform over the past year, and in 2020, Samsung Pay is evolving from being a rewarding way to shop and pay, to also being a rewarding way to manage your money.
The recent announcement marks nearly half a decade on the market for Samsung Pay. And over the past five years, the payment platform continued to grow to become available in 27 countries. It debuted in South Korea in August 2015 and became available in the USA a month later. Samsung continued to partner with numerous financial institutions over the years and Samsung Pay just recently added support for Swipe’s cryptocurrency Visa cards.
Since the recent announcement was reportedly issued by Samsung Pay North America, it remains to be seen if the upcoming Samsung Pay debit card will be released in every market where the platform is available, or if it will be initially bound to North America.
