Samsung got into the financial services arena back in 2015 with the launch of the payments platform Samsung Pay. Samsung Pay takes on the likes of popular platforms such as Apple Pay, Paytm, Google Pay, and more. However, the one feature that sets it apart is its MST functionality that allows users to tap their smartphones on the PoS machines to make payments. As Samsung Pay completes half a decade of its existence, Samsung aims to expand its capabilities further. Read on to know more about it.
Samsung to introduce a debit card soon
Samsung, via a blog post, has announced new innovations for the Samsung Pay payments platform. The blog post lists the Samsung Pay features and how contact-less and digital payments are something we all rely on. Samsung has suggested that it will launch an innovative debit card' in collaboration with San Francisco-based fintech company SoFi quite soon. The step to introduce a debit card is to start providing users with money management services, which will expand the Samsung Pay horizon.
While Samsung hasn't revealed much about the Samsung debit card, the card will be backed by a cash management account, which will make use of your smartphone. However, there is still no word on how this will work.
Samsung's blog post reads, "Over the past year we have been busy developing a mobile-first money management platform. Our vision is to help consumers better manage their money so that they can achieve their dreams and goals."
Samsung' debit card will be in direct competition with the Apple Card, except the former is a debit card and the latter is a credit one. Samsung is soon expected to let out more details on the same.
For those who don't know, Samsung Pay comes with features such as contactless payments with the MST and NFC feature, offers rewards to users on every transaction, offers free credit score and the ability to apply for credit cards and loans, allows for UPI transactions and send or receive money.
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