2020 will bring a new type of Samsung Pay experience, one that might feel a bit archaic compared to the current one — physical plastic cards. That’s right, Samsung this week announced a partnership with SoFi, soon to allow Samsung Pay users to get debit cards, backed by a special cash management account.
Samsung was light on the details right now, but basically, we assume it’s everything you’d expect from a debit card coupled with a cash account. Will the cards at least have tap-to-pay functionality? It’d be odd if they didn’t, considering the whole point of Samsung Pay is to pay touch-free at virtually any card terminal with its supported MST technology. I swear, if you have to insert this card’s chip into terminals, we riot!
Here’s the important stuff Samsung said, but as you’ll read, there are more details to come.
In 2020, Samsung Pay will be expanding our 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 busy developing a mobile-first money management platform. Our vision is to help consumers better manage their money so that they can achieve their dreams and goals. Now more than ever, mobile financial services and money management tools will play an even bigger role in our daily lives while also opening up new possibilities.
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.
We’ll update you when more details are made available.