We’re apparently coming up to the fifth birthday of Samsung Pay, and the company plans on celebrating by releasing its own debit card. Note that we said debit, not credit. There’s probably the key difference between this and Apple Card.
Samsung says that the card will be backed by partner company SoFi which isn’t actually a bank.
That’s an interesting one, but Samsung seems happy with its move. Samsung’s cards will do all the things we expect, although it won’t be officially introduced until later this summer. More details are expected to arrive in the coming weeks, but the lack of information on launch markets is interesting.
Is SoFi Money a checking or savings account?
Neither. SoFi Money is a “cash management account”, which is actually a brokerage account. Checking functionality is provided through Wilmington Savings Fund Society, a member of the FDIC (“WSFS”) .
We can’t imagine that this card will be made available in too many countries out the gate. The many different rules and regulations surrounding these kinds of things are what have so far prevented Apple Card from moving beyond US borders, for example.
We’re really not too sure what to make of this news, but it’s certainly an interesting one. The fact it’s a debit card – and not a normal one, at that – might put people off taking it for a spin. We have already seen Huawei launch its own credit card last month, so Samsung coming up with a debit card, is hardly surprising.
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