Samsung Announces 'Innovative' Debit Card Launching this Summer

We're still waiting to hear news about Apple Card's performance relative to the major card issuers, but that hasn't stopped Samsung from announcing plans to launch an "innovative" debit card as part of a new mobile-first money management platform the company has been developing over the last year.

samsung pay
Announced on Thursday in a blog post by Samsung Pay vice-president Sang Ahn, the forthcoming debit card is in partnership with finance company SoFi and will be backed by a cash management account.

"In 2020, Samsung Pay will be expanding our service from being a rewarding way to shop and pay, to also being a rewarding way to manage money," writes Ahn. "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. Now more than ever, mobile financial services and money management tools will play an even bigger role in our daily lives while also opening up new possibilities."

The debit card is scheduled to launch this summer. Other than that, Samsung hasn't offered any details on how it will work, but expect it to integrate with Samsung's existing mobile payment system.

Launched in August 2019, ‌Apple Card‌ is a credit card linked to Apple Pay and built into the Wallet app on iPhone. Apple partnered with Goldman Sachs to launch the card, and in October the investment bank hailed it as "the most successful credit-card launch ever." Nine months later, neither Apple nor Goldman Sachs has offered any concrete details on its performance.

During the global health crisis, Apple has introduced an ‌Apple Card‌ Assistance Program that allows ‌‌Apple Card‌‌ holders to skip their March and April payments without incurring interest charges for that billing cycle. For more details on how the card works, check out our comprehensive Apple Card guide.

Top Rated Comments

newyorksole Avatar
13 months ago
An innovative debit card huh...

Let me guess the details. There will be an app called “Purse” and it will show you a breakdown of your spending habits/categories and the digital card will change colors based on what you’ve spent. The physical card will also be very plain.

Nailed it.
Score: 22 Votes (Like | Disagree)
hwojtek Avatar
13 months ago
It won't be innovative at all, unless Samsung tops it up every month and doesn't ask for their money back.
Score: 21 Votes (Like | Disagree)
dapa0s Avatar
13 months ago
Innovative ???
Score: 17 Votes (Like | Disagree)
User 6502 Avatar
13 months ago

For all those that mocked Apple for the card...
I only mock the fact that Apple car or even just Apple Cash are still unavailable in Europe.
Score: 6 Votes (Like | Disagree)
chinito77 Avatar
13 months ago
Not a fan of Samsung but am a BIG fan of society moving away from cash. The more we can move away from printed money, the better.
Score: 6 Votes (Like | Disagree)
Rychiar Avatar
13 months ago
why would you want a debit card? having my apple credit card with cash back and the Apple Cash app that can deposit right into my account is perfect.
Score: 5 Votes (Like | Disagree)

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