13 May 2020
Samsung Pay is one of the biggest mobile payment solutions available around the market. It has been accessible in the form of a smartphone app since its inception but later this year, there will be a new way of using it. Samsung has announced through a press release that Samsung Pay debit card will be released during summer 2020.
This will be a physical debit card similar to debit cards issued by banks. Samsung has partnered with SoFi for developing the card that is being referred to as "innovative". It did not go into detail except for mentioning that the card will be backed by a cash management account. It is unknown what functionalities and features will be offered by the account and how it will be different from what other debit card providers are offering.
As described by Nerd Wallet, a cash management account (CMA) is a cash account that combines services and features that are similar to checking, savings, and/or investment accounts under one product. This is pretty much what we can speculate about what Samsung is working on.
It is worth noting that Samsung is not the first tech company to release a physical card for transactions. Apple introduced Apple Card in collaboration with Goldman Sachs in early 2019. It has received a good response from customers except for a few complaints so far.