Samsung announced on Tuesday that it has plans to expand Samsung Pay?s services
to include both a debit card and a cash management account backing it.
Vice President and GM of Samsung Pay Sang Ahn revealed in ablog post
is partnering with personal finance companySoFi [https://www.sofi.com/]to launch
the new card and account. Both products are expected to arrive in the U.S. this
summer, with the ?mobile-first money managing platform? having been in
development for the past year.
?Now more than ever, people are counting on technology to help them make
contactless payments, shop, and manage their finances without leaving the
house,? wrote Ahn.
We don?t know much about Samsung?s upcoming offerings yet ? not even what the
account will be called ? but Ahn says the company will be sharing further
details ?in the coming weeks.?
Though Apple Pay is still significantly more popular globally, Samsung Pay
continues to gain followers. Samsung Pay users areexpected to double
[https://www.businesswire.com/news/home/20191217005619/en/Samsung-Pay-Profile-2019-Samsung-Pay-Users] this year from 2018, withStatista
[https://www.statista.com/statistics/722213/user-base-of-leading-digital-wallets-nfc/] projecting 100 million users in 2020. Meanwhile, Apple Pay is forecast to hit
227 million users, up from 140 million in 2018, and already launched its own
branded credit card [https://www.apple.com/apple-card/]last year. Google Play is
also expected to reach 100 million users this year, and is reportedlytesting
own debit card [https://techcrunch.com/2020/04/17/google-card/]as well.
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