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May 8, 2020

Samsung to partner with SoFi to launch new debit card

South Korea-based Samsung is set to introduce a Samsung Pay debit card in the next few weeks, in partnership with US-based online personal finance company SoFi.

The new card will come with a cash management account, the company said in a blog post. More details regarding the new debit card have not been revealed yet.

The card, which will be launched this summer in the US, is backed by a mobile-first money managing platform, which has been in development since last year.

In a blog post, the company stated: “Samsung Pay’s five years of evolution have positioned it to become a more holistic mobile-first money management platform.

“In collaboration with leading innovators, Samsung has brought new experiences to Samsung Pay that makes it easier to take care of an expanding range of essential financial tasks.”

Launched in 2015, Samsung Pay was the first mobile payments platform to launch a rewards programme, allowing users to earn Samsung Rewards points with each transaction.

So far, Samsung Pay users and bank cardholders have collectively earned more than 13 billion Samsung Rewards points, across billions of transactions.

The company claimed that the new products will help Samsung Pay customers take control of their everyday finances and achieve their financial goals.

Samsung Pay vice president and GM Sang Ahn said: “Now more than ever, people are counting on technology to help them make contactless payments, shop, and manage their finances without leaving the house.”

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