This summer Samsung in partnership with SoFi will introduce a new Samsung Pay experience with a debit card backed by a cash management account.
"In 2020, Samsung Pay will be expanding the 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 developing a mobile-first money management platform," Samsung said.
The company promised to share more details in the coming weeks.
Samsung created Samsung Pay in 2015 as a powerful tool for managing your finances using the device that’s always at your fingertips. Back then, Samsung Pay 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 you can swipe a card. Even today, Samsung’s MST technology remains unique among mobile wallets.
Samsung Pay was the first mobile payments platform to launch a rewards program, allowing users to earn Samsung Rewards points with each transaction, in addition to the points they earn from their underlying bank cards; the first mobile payments platform to launch a Cashback service for online shopping (Samsung Pay Cashback); and forged partnerships with top financial institutions to ensure Samsung Pay is accepted virtually anywhere.