To take on Apple’s card, Samsung to launch its debit card soon

The digital payments sphere represents about US$1 trillion in revenue worldwide. This is an immense market that Samsung has set its sight on. Digital payments have become a way of life for millennials thanks to a dramatic change in their buying as well as paying behaviour.

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The South Korean tech giant Samsung has recently announced that it is planning to launch its own debit card soon. This development comes after Apple launched its credit card earlier in 2019.

“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,” Sang Ahn, Vice President and GM of Samsung Pay in North America, said in a statement.

So far, not much details have emerged. However, it is learned that the Samsung’s debit card would be backed by a cash management account.

It is worth noting that the company launched “Samsung Pay”, one of the popular digital wallets, in 2015. Using the cutting-edge technology in terms of security features, the service uses both NFC (Near-Field Communication) and MST (magnetic secure transmission) technology.

According to reports, Google is also testing its smart debit card that will help customers make and track their purchases. Reportedly, the tech giant’s future debit card will be tied to a checking account.

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