NFC TIMES Exclusive Insight – Samsung offered more details today about its Samsung Money debit card and “mobile-first” money management service for its Samsung Pay app, which it plans to launch in the U.S. this summer with personal finance fintech SoFi. Samsung had disclosed plans for the new service earlier this month.
The Samsung Money by SoFi service, which will include a Mastercard-branded physical debit card, is Samsung’s attempt to keep pace with rival Apple, which launched its Apple Card cash-back credit card issued by Goldman Sachs last year for Apple Pay. Samsung Pay, which will turn 5 this year, continues to trail Apple Pay in the U.S. and in many other markets. Google is also expected to launch a debit card this year for its Google Pay mobile payments service.
Samsung is hoping that the new mobile-money service will help Samsung Pay to “play an even bigger role in our daily lives while also opening up new possibilities,” as Sang Ahn, vice president and GM of Samsung Pay, North America Service Business, said in a blog post disclosing the new service May 7.