When Samsung Pay turns five years old, it’s going to introduce a debit card this summer that’s supported by a cash management partnership with online personal finance company SoFi.
Sang Ahn, general manager of Samsung’s North American Samsung Pay business, said Thursday in a blog post “In 2020, Samsung Pay will be expanding our service from being a rewarding way to shop and pay, to also be a rewarding way to manage money. Over the past year, we have been busy developing a mobile-first money management platform.”
Samsung Pay currently available in 25 countries around the world (deep breath): the US, UK, Australia, Belarus, Brazil, Canada, China, France, Hong Kong, India, Italy, Hong Kong, Malaysia, Mexico, Puerto Rico, Russia, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, United Arab Emirates, and Vietnam.
The debit card will be the latest outcome of Samsung Pay. It is planned to join Apple’s credit card and a rumored debit card from Google as they think that Offering a credit or debit card is a way to build customer loyalty.
Samsung Pay uses two technologies. The first one is near-field communication (NFC) for tap-to-pay transactions at contactless terminals and the second is the magnetic secure transmission (MST) for older terminals where you can normally swipe a card. When you hold the phone against one of these readers, the phone emits a magnetic signal to simulate the magnetic strip found on the back of a credit or debit card
Samsung Pay has given its customers the option to add loyalty cards, receive cashback for making certain purchases, and take advantage of promotions including bonus Samsung account points and vouchers with a number of participating retailers. Chase Pay users are also able to link their existing digital wallets with Samsung Pay and people can use Samsung Pay to pay for mass transit.
