Samsung is taking a better-late-than-never strategy with Samsung Pay, its mobile wallet service.
Samsung introduced Samsung Pay as a mobile wallet solution five years ago. To celebrate this milestone, Samsung is expanding its mobile wallet and transforming it into a mobile-first money management platform.
The debit card would be backed by a cash account that serves as the hub of the company’s future money management platform.
Samsung didn’t provide details on how this money management platform would work. Sang Ahn, vice president and general manager of Samsung Pay in North America promised that more information would be coming in the next few weeks.
Samsung is following Apple, which introduced a new credit card in August 2019 in partnership with Goldman Sachs.
The Apple Card is available as a physical card that you can store in your wallet and use at retail stores that don’t accept Apple Pay. It’s also stored as a digital version that integrates into Apple Wallet on iOS.
Users who enable Apple Pay can make changes to the card using their iPhone and Apple Watch. They also can check transactions inside the Apple Wallet app on iOS.
According to Goldman Sachs CEO David Solomon, the Apple Card was the company’s most successful credit card launch ever. And so, it’s not surprising that Samsung is following Apple’s lead. Everyone is.
Huawei last week announced its mobile payment plan complete with a credit card.
Google also is working on a mobile payment service with a debit card and financial management platform, similar to Samsung.