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Samsung has a debit card coming this summer, as Samsung Pay turns five
The company wants to expand its relationship with customers by helping them better manage their money.
Shara Tibken
Shara TibkenFormer managing editor
Shara Tibken was a managing editor at CNET News, overseeing a team covering tech policy, EU tech, mobile and the digital divide. She previously covered mobile as a senior reporter at CNET and also wrote for Dow Jones Newswires and The Wall Street Journal. Shara is a native Midwesterner who still prefers "pop" over "soda."
CNET editors independently choose every product and service we cover. Though we can't review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.
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How we make money
We are an independent publisher. Our advertisers do not direct our editorial content. Any opinions, analyses, reviews, or recommendations expressed in editorial content are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by the advertiser.
To support our work, we are paid in different ways for providing advertising services. For example, some advertisers pay us to display ads, others pay us when you click on certain links, and others pay us when you submit your information to request a quote or other offer details. CNET’s compensation is never tied to whether you purchase an insurance product. We don’t charge you for our services. The compensation we receive and other factors, such as your location, may impact what ads and links appear on our site, and how, where, and in what order ads and links appear.
Our insurance content may include references to or advertisements by our corporate affiliate HomeInsurance.com LLC, a licensed insurance producer (NPN: 8781838). And HomeInsurance.com LLC may receive compensation from third parties if you choose to visit and transact on their website. However, all CNET editorial content is independently researched and developed without regard to our corporate relationship to HomeInsurance.com LLC or its advertiser relationships.
Our content may include summaries of insurance providers, or their products or services. CNET is not an insurance agency or broker. We do not transact in the business of insurance in any manner, and we are not attempting to sell insurance or asking or urging you to apply for a particular kind of insurance from a particular company.
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Our Editorial Mission
In a digital world, information only matters if it's timely, relevant, and credible. We promise to do whatever is necessary to get you the information you need when you need it, to make our opinions fair and useful, and to make sure our facts are accurate.
If a popular product is on store shelves, you can count on CNET for immediate commentary and benchmark analysis as soon as possible. We promise to publish credible information we have as soon as we have it, throughout a product's life cycle, from its first public announcement to any potential recall or emergence of a competing device.
How will we know if we're fulfilling our mission? We constantly monitor our competition, user activity, and journalistic awards. We scour and scrutinize blogs, sites, aggregators, RSS feeds, and any other available resources, and editors at all levels of our organization continuously review our coverage.
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Samsung launched its mobile payments service five years ago.
Josh Miller/CNET
Samsung Pay is five years old, and it's getting a grownup gift for its birthday: a debit card.
Samsung plans to introduce a debit card this summer that's backed by a cash management account. It's partnering with online personal finance company SoFi for the new card, which it will detail "in the coming weeks."
"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," Sang Ahn, general manager of Samsung's North American Samsung Pay business, said Thursday in a blog post. "Over the past year we have been busy developing a mobile-first money management platform."
The debit card will mark the latest evolution of Samsung Pay. It will join Apple's credit card -- called Apple Card -- and a rumored debit card from Google. The companies have all been looking for ways to expand beyond letting people pay for items with their mobile devices. Offering a credit or debit card is a way to build customer loyalty amid fierce competition for smartphone customers. It also comes at a time people are closely watching their budgets in light of the global novel coronavirus pandemic.
Samsung launched its mobile payments service for its smartphones and wearables in 2015. The idea was for users to pay for items by waving their Galaxy device near a store's checkout register instead of swiping a credit card. It was much like Apple Pay, which went live a year earlier, but it didn't require special point-of-sale terminals that had tap-to-pay NFC technology. Instead, Samsung Pay worked with NFC, magnetic stripe and EMV (Europay, MasterCard and Visa) terminals for chip-based cards.
Since that time, Samsung Pay has given users the ability to add loyalty cards, receive cash back for making certain purchases and take advantage of promotions. That includes bonus Samsung account points and vouchers with a number of participating retailers. Chase Pay users can also link their existing digital wallet with Samsung Pay and people can use Samsung Pay to pay for mass transit.
"We created Samsung Pay because we believe the most powerful tool for managing your finances is the device that's always at your fingertips," Samsung's Ahn said in the draft blog post. "Over the past five years, we've collaborated with leading innovators to bring new experiences to life that make it easier to take care of the things that matter most."
Apple introduced its Apple Card last year and started letting people sign up for its physical credit card in August. It is designed for iPhone users, has no fees, offers daily cash-back rewards and works with Apple Pay. It also exists as a physical titanium credit card. It's part of Apple's effort to expand beyond being the "iPhone company" and into making recurring money from services.
And Google is believed to be developing physical and digital debit cards, which would be tied to an app for payments, managing purchases and checking balances. The goal is to make the card the foundation of the search giant's Google Pay mobile payments service.
CNET's Lexy Savvides and Rich Nieva contributed to this report.
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