Samsung Pay is already quite popular with anyone who owns one of the company’s many phones such as the Samsung Galaxy S20. Now, it looks like it is going even harder on payments by introducing its own debit card and cash management account.
The news, which was posted to Samsung’s website, says the company is planning to use a “cash management account” in partnership with SoFi. Because SoFi is a self-proclaimed non-bank, the money actually ends up with the Wilmington Savings Fund Society, another third-party brokerage. This could be a little concerning for some, as the process may have some holes in FDIC coverage as it makes its way through Samsung, SoFi, and ultimately to the Wilmington Savings Fund Society (h/t Android Police).
According to the announcement from the company, Samsung will release its new debit card later this summer. The firm didn’t announce much in terms of what we can expect from the card, only saying that it plans to “share more details in the coming weeks.” Hopefully, those details come in the form of what regions will get access to the new card and if there are any fees involved with it.
This isn’t the first time a company like Samsung has decided to get into the physical payment card game. Apple has its own credit card — the aptly named Apple Card. Google is rumored to be releasing a debit card as well. It’ll be interesting to see if consumers are looking for more forms of physical payment or if most are looking to move into contactless options.
