Samsung is going to introduce its own Debit Card for Samsung Pay

Samsung pay debit card

Samsung Pay debit card

With the advancement of technology in the world today, technology companies are increasingly turning their attention to personal finance.

After Apple introduced the Apple Pay service in 2014, Apple introduced their latest credit card in 2019 as an extension of the same service. Google is also working on issuing its own Debit Card

Samsung may be the next company to try. It is reported that they are planning to issue a new Debit card for their Samsung Pay service by the end of 2020 or early 2021. The new Debit card is to be launched in celebration of 5 years of Samsung Pay.

According to a news release on the Samsung website, Samsung plans to use a “money management account” in partnership with SoFi. However, since SoFi is not a bank, the money is actually deposited and transacted by another third party company, WSFS Bank.

Samsung announced the launch of Samsung Pay in 2015 for a select few Galaxy devices that will allow you to make payments through Magnetic Secure Transmission (MST) technology.

However, it is widely acknowledged that this process, which takes place through a number of organizations such as Samsung, SoFi, and finally the Wilmington Savings Fund Society, can be quite complicated.

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