Samsung will introduce an 'innovative' debit card this summer

Jon Fingas
Associate Editor
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)

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.