Samsung to launch a debit card backed by SoFi for Samsung Pay customers

Back in 2019, Apple became the first major tech company to partner with a financial institution to offer a credit card to Apple users. Last month we reported about rumours of Google Pay Card and now Samsung has officially announced the company's own debit card.

Earlier today, Samsung published an announcement celebrating 5 years of Samsung Pay and along with it, the company announced its plans to roll out a debit card and a cash management account. The debit card will be backed by SoFi and Samsung plans to announce more details in the company weeks.

Samsung launched its mobile payments platform back in 2015, and the company has come a long way in the last five years. Samsung Pay now has its own loyalty program and a cash rewards program. Sang Ahn, general manager of North American Samsung Pay business said:

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.

Over the past year we have been busy developing a mobile-first money management platform.

Samsung plans to launch the debit card later this summer. It's not clear how Samsung will determine the eligibility or if this will be available in all countries. Samsung has given very little to go on at the moment but we can expect to hear more from the company in the coming weeks.

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