Samsung to launch a Samsung Pay debit card

The South Korean tech giant, Samsung has announced the release of a Samsung Pay debit card, which will come with a cash management account.

The cash management account comes in partnership with SoFi, an American online personal finance company. Samsung has mentioned in a blogpost that now, more than ever, they feel that “people are counting on technology to help them make contactless payments, shop, and manage their finances without leaving the house.”

Samsung Pay has been around for nearly five years now. It was released in 2015 and back then, it was the first payment platform that had built-in Magnetic Secure Transmission technology (MST) along with NFC support which allowed its users to pay with the application almost anywhere that they could use a magnetic credit/debit card.

The company feels that the ‘next step’ now is to launch an in-house cash management service, complete with a debit card and an account.

The blog also mentions that the company is developing a “mobile-first money management platform.” Any further details for the platform and the debit card service have not been shared yet but Samsung has said that they are, “excited to share more details in the coming weeks.”

“In the meantime, as we celebrate five years of innovation for Samsung Pay, we are proud of what we have achieved so far and can’t wait to help our users do even more with their money.”