Samsung Pay will be expanding its service from being a rewarding way to shop and pay, to also being a rewarding way to manage money.
Over the past year „Samsung has 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.
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.”, according to a blog post by Sang Ahn, Vice President and GM of Samsung Pay, North America Service Business, Samsung Electronics.
Samsung Pay celebrates 5 years of innovation
When the company launched Samsung Pay in 2015, „we brought never before seen technologies to the mobile payments experience.”, Sang Ahn said.
Back then, Samsung Pay was the only mobile payments platform with built-in magnetic secure transmission technology (MST) along with NFC functionality, making it possible to pay practically anywhere you can swipe a card. Even today, Samsung’s MST technology remains unique among mobile wallets.
Samsung Pay was the first mobile payments platform to launch a rewards program, allowing users to earn Samsung Rewards points with each transaction, in addition to the points they earn from their underlying bank cards. Also it was the first mobile payments platform to launch a Cashback service for online shopping (Samsung Pay Cashback).
Increase competition
Samsung joins Apple in offering a branded payment card. Apple’s is the Apple Card, a credit card issued in partnership with Goldman Sachs and launched in August 2019. The Apple Card is both a titanium card you can put in your wallet and a digital card you can use via Apple Pay on your iPhone and Apple Watch, and you can track spending on your Apple Card inside iOS’s Wallet app.
Google is reportedly working on its own branded payment card as well, though Google’s will apparently be a debit card, like Samsung’s. Google will also supposedly offer spending-tracking tools for the card.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
