Samsung Aims to Support Apple and Google With Its Debit Card at FinTech Event

Samsung Aims to Support Apple and Google With Its Debit Card at FinTech Event

Samsung U.S. recently revealed that this summer — through a collaboration with American personal finance company SoF — it is preparing to add “a debit card and cash handling service to the Samsung Pay experience.” Sang Ahn, Samsung Pay’s Vice President and GM (North America Service Business) said in yesterday’s media statement that “more than ever, customers are relying on technology to help them make it possible for them to do so.

He goes on to explain that after the release of the Samsung Pay service (which enables users of specific Samsung Galaxy phones to pay for goods/services “nearly wherever you can swipe a card”) in 2015, Samsung also “joined forces with pioneering inventors to bring new ways to the reality that will make it easier to take charge of the important things in life the most.”

He also said that Samsung wants to expand Samsung Pay to “be a satisfying way of managing capital.”

Most Companies Adopt Conventional Payment
Apple revealed Apple Card on 25 March 2019, which is a credit card that was developed by Apple and offered by Goldman Sachs. On 20 August 2019 Apple Card was introduced in the U.S.

Techcrunch claimed on April 17 that Google — which makes available Google Pay (comparable service to Apple Pay and Samsung Pay) — is supposedly “creating its debit cards.”

As we said, Samsung undoubtedly isn’t the first about such a concept on the market. Apple launched the Apple Card back in 2019, and earlier this year Huawei also revealed its credit card, and just last month it was reported that something similar could be planned by Google, too.

All of this seems though businesses are no longer satisfied with only developing online and digital payment methods these days. Rather, most are planning to follow increasingly conventional payment types, including credit and/or debit cards, so it seems possible Samsung may be the next to get on deck the train.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.