The South Korean tech giant, Samsung has announced the release of a debit card from Samsung Pay, which will come with a cash management account.
The cash management account comes in collaboration with SoFi, an online personal finance service in America. Samsung said in a blog post that now, more than ever, they feel that “people rely on technology to help them make contactless payments, shop, and handle their finances without leaving the house.”
Samsung Pay has been around for almost five years now. It was launched in 2015 and back then, it was the first payment platform to have built-in Magnetic Secure Transmission (MST) technology along with NFC support that allowed its users to pay with the application almost anywhere they could use a magnetic credit/debit card.
Samsung Pay App (Google Play Store Link)
The company feels the ‘next step’ is now to start an in-house cash management service, complete with a debit card and an account.
The blog also mentions that the company is creating a “mobile-first money management program.” More specifics for the app and debit card service have not yet been released, but Samsung said they’re “excited to share more information in the coming weeks.”
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“In the meantime, as we’re celebrating five years of innovation for Samsung Pay, we’re proud of what we’ve achieved so far and can’t wait to help our users do even more with their money.”.
