Samsung Pay to Join Forces With SoFi to Create New Debit Card

Samsung Pay announced last week it is set to join forces with online lending platform SoFi to launch a new debit card. This news comes just days after Swipe launched Samsun Pay for Swipe Visa cardholders. 

Launched in 2015, Samsung Pay describes itself as a “groundbreaking” mobile payment service that is “ushering” in a new era of mobile payments and e-commerce.

Samsung Pay is a simple and safe digital wallet that works almost anywhere you can swipe or tap your card. Samsung Pay Inc. merged with Samsung Electronics to achieve the shared goal of delivering universal acceptance and the best mobile experience for both consumers and merchants.”

Samsung Pay also claimed that at the time of its launch it was the only mobile payments platform with built-in magnetic secure transmission technology (MST) along with NFC functionality, making it possible to pay practically anywhere users can swipe a card. Speaking about its future, Samsung Pay reported it will be expanding its 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. 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.”

In regards to its plan to work with SoFi, Samsung Pay added:

“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. In the meantime, as we celebrate five years of innovation for Samsung Pay, we are proud of what we have achieved so far and can’t wait to help our users do even more with their money.”

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