Samsung is beefing up its digital payments platform to offer debit cards to users.
Samsung has announced that it will partner with fintech firm SoFi to launch a Samsung Pay debit card this summer. Apple launched the Apple Credit Card in partnership with issuer Goldman Sachs nearly a year ago.
Samsung Pay, Samsung Electronics’ digital payments platform, has been around for five years, but now it’s backed by a cash management account. Samsung said in a blog post that it will announce more details in the coming weeks.
Google is not alone in entering this arena.
In April, the internet giant announced plans to launch a branded debit card on its Google Pay account. Google teamed up with Citibank and the Stanford Federal Credit Union to create a product called “smart checking accounts” that would attach to a Google debit card.
By launching and expanding financial services, tech companies gain more data on users’ spending habits. These services also help expand brand loyalty and lock you more deeply into their existing business model.
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