Samsung Pay has been around since 2015 and while mobile payment systems aren’t the most widely used, it’s a great service that most Samsung device users still use. One of the great things about Samsung Pay is that it comes with MST Support, a service that users can use for pull points on traditional payment systems.
Tuesday, Samsung announces that they are planning to include a debit card and a cash management account backing in the Samsung Pay’s services.
in the blog post of Samsung, Vice President and GM of Samsung Pay Sang Ahn announced that they are partnering with personal finance company SoFi to launch the new card and account. Both products, debit card, and cash management account backing are supposed to launch in the U.S. this summer, with the “mobile-first money managing platform” that has been in development for the past year.
In 2020, Samsung Pay will be expanding our service from being a rewarding way to shop and pay, to also being a rewarding way to manage money. Over the past year, we have been busy developing a mobile-first money management platform. Our vision is to help consumers better manage their money so that they can achieve their dreams and goals. Now more than ever, mobile financial services and money management tools will play an even bigger role in our daily lives while also opening up new possibilities.
Although Apple Pay is still much popular around the world, Samsung Pay continues to increase subscribers. Samsung Pay users are expected to double this year from 2018, Statista projects 100 million users in 2020.
While, Apple Pay is expected to reach 227 million users, up from 140 million in 2018, and has previously launched its own branded credit card last year. Google Pay is also supposed to reach 100 million users this year and is also said to have tested its debit card.