14 DAY TRIAL // Samsung has recently announced that it would be launching its very own debit card in partnership with SoFi to further expand its Samsung Pay service.
The company explains that the adoption of Samsung Pay has increased substantially, and its rewards program in particular has been highly successful.
“Samsung Pay was the first mobile payments platform to launch a rewards program, allowing users to earn Samsung Rewards points with each transaction, in addition to the points they earn from their underlying bank cards; the first mobile payments platform to launch a Cashback service for online shopping (Samsung Pay Cashback); and we forged partnerships with top financial institutions to ensure Samsung Pay is accepted virtually anywhere,” the company says.
The Apple Card
And while Samsung claims it was the first to launch a rewards program, it’s not the first that brings a payment card linked with the mobile payment service.
Apple has also launched the Apple Card last year, and the company is also offering a cashback program for customers in the United States.
Samsung hasn’t provided any specifics as to when its debit card could go live, but it says that additional information would be shared later this year probably closer to launch.
“As a first step to this broader vision, this summer Samsung in partnership with SoFi will introduce a new Samsung Pay experience with an innovative debit card backed by a cash management account. We are excited to share more details in the coming weeks,” Samsung says.
The South Korean company explains that its purpose is to “expand our service from being a rewarding way to shop and pay to also being a rewarding way to manage money.” Samsung says there’s so much more to share in this regard, so expect more information later this year.