Samsung Pay was introduced back in 2015 which allowed select Galaxy Devices to pay virtually with the help of Magnetic Secure Transmission (MST). Since Samsung Pay has completed five glorious years in the market, Samsung is planning to launch the Samsung Pay Debit Card for users. The news was announced in a blog post shared by Sang Ahn, who is the vice-president and general manager of Samsung Pay in North America. Also, the debit card which will be launched by Samsung will be backed by a cash management account in strategic partnership with personal finance company SoFI which has gained limelight in the last five years.
Samsung Pay Continues to Expand
Samsung Pay is growing at a rapid pace. Though Apple Pay has more user base then Samsung Pay, it is expected that Samsung Pay will have 100 million users in India by the end of 2020, whereas Apple Pay might hit 227 million subscribers. It is also rumoured that Google is also working on a debit card of its own. If the rumours are true, Samsung will have a direct competitor in the card segment.
Samsung Pay Debit Card Wil Offer Users New Money Management Tools
Samsung Pay has been one of the most convenient mobile payment and digital wallet service developed by Samsung. Though Samsung Pay is into mobile payments and rewards, it is expected that once the Debit card is launched in Samsung Pay, users will get multiple money management tools. With the introduction of Samsung Pay Debit Card in future, Samsung Pay will also help the users to achieve their dreams and goals by managing their money more efficiently. Samsung Pay has just dropped minimal information regarding the Debit Card. They will soon share all the necessary details with users.
Samsung Pay Debit Card will aid Smartphone Business
The outbreak of Covid-19 has already disrupted the Smartphone Business. Recently, Samsung dropped to the third position in the list of largest smartphone manufacturer in India. As the Smartphone Business of Samsung is taking a hit, it is expected that once the Samsung Pay Debit Card is launched, it will help the Smartphone segment of Samsung financially.