Samsung plans to launch a Samsung Pay debit card later this year, according to a blog post by the company.
Samsung said the debit card will be backed by a cash management account that will be enabled through a partnership with personal finance company SoFi.
“From the first day of our launch, Samsung Pay has continued to innovate and deliver new mobile payments experiences for an expanding range of financial tasks,” Samsung said.
“This summer we will help users take care of a critical area of life that impacts everyone – our finances and financial lives.”
The company said that over the past year, it has been developing a mobile-first money management platform and this has led to the upcoming launch of a dedicated Samsung Pay debit card.
“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,” Samsung said.
The company did not specify whether this new debit card would be available outside of the United States.
“We are excited to share more details in the coming weeks.”
Samsung Pay growth in South Africa
Samsung Pay has seen significant growth in South Africa, and it has continued to expand its support for local bank cards.
In April 2020, Samsung South Africa announced it had added support for Nedbank Visa and American Express cards to its Samsung Pay application.
Director of Integrated Mobility at Samsung South Africa Justin Hume said the company was pleased to welcome Nedbank to Samsung Pay.
“This is a collaboration that will connect even more people to our innovative and secure technology. The momentum is now firmly in favour of the country’s most widely accepted contactless payment system,” Hume stated.
The company has partnered with several other major South African banks to add support for Samsung Pay, including Absa, Standard Bank, FNB, RMB Private Bank, Discovery Bank, and Investec.
“Samsung Pay will support millions of South Africans’ needs for additional uses of digital systems and their mobile devices,” Hume added.