Samsung will introduce an 'innovative' debit card this summer

It wants to go where Apple, Google and others are going.

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Launch of Samsung Pay in Hong Kong at Hong Kong Convention and Exhibition Centre in Wan Chai. 26APR17 SCMP / David Wong (Photo by David Wong/South China Morning Post via Getty Images)
David Wong/South China Morning Post via Getty Images

Samsung wants to do more with payments than offer a virtual prepaid card. The company plans to grow Samsung Pay this summer by introducing a new “experience” that includes an “innovative” debit card supported by a cash management account. Details are only slated to arrive in the “coming weeks,” but it’ll have help from the financial startup SoFi.

It’s not a surprising move for Samsung. Apple has offered a credit card since 2019, while Huawei is following suit. Google is believed to be working on a debit card of its own. If Samsung doesn’t offer some kind of payment card, it might miss out if these cards turn out to be successful.

There’s also a pragmatic financial reality at work. Smartphone sales were already levelling off before the COVID-19 pandemic, and they’ve taken a huge hit as a result of the crisis. A payment card could give Samsung’s mobile division a reliable source of revenue that could offset the slump in its phone business.

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