Samsung’s first debit card is coming this summer time

Samsung’s first debit card is coming this summer time

Samsung this week said it has been working on a cellular-first money control platform over the past 12 months and is almost prepared to unveil it to the masses. With the smartphone industry reeling, now could be a suitable time to roll out an opportunity revenue flow to assist stabilize its business.

The first step in getting there, the organization stated, is through a partnership with Social Finance, Inc. (SoFi for short). Together, they’re making plans to launch an “innovative” debit card this summer time that’ll be backed by way of a cash management account. Additional details might be shared within the coming weeks, we’re told, so for now, we’re left to speculate.

It’s been almost five years due to the fact Samsung launched its mobile fee and digital pockets provider to compete with Apple Pay. More recently, the business enterprise’s Cupertino-based rival released its personal credit score card backed by way of Goldman Sachs. Google is likewise reportedly running on its personal clever debit card and Huawei has already shared plans for its own branded credit card

Should this class of tech + finance without doubt take off, it stands to reason that Samsung wouldn’t want to miss out on it. And given the effect that Covid-19 has had on the smartphone industry (considered one of Samsung’s top-earning segments), it only makes feeling that the South Korean tech massive is searching out alternative streams of revenue throughout this unsure time.

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