• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

Mobile ID World

Mobile ID World

Identification Revolution

  • Mobile ID
    • What Is Mobile ID?
    • Identity Associations
    • Premier Partners
    • FAQ
  • News
  • Solutions
    • Behavioral
    • Facial Recognition
    • Fingerprint Biometrics
    • Iris Biometrics
    • Second Factor
    • Smart Cards
    • Smartphones
    • Vital
    • Voice
    • Wearable Tech
    • Other
  • Applications
    • Access Control
    • Cloud Technology
    • Commerce
    • Enterprise
    • Healthcare
    • Identification
    • Internet of Things
    • Law Enforcement
    • Strong Online Authentication
  • Exclusive
    • Interviews
    • Featured Articles
    • Podcasts
  • Companies
  • Events

Samsung Developing Debit Card for Mobile Payments Platform

May 25, 2020

“The card is being developed in collaboration with digital money management specialist SoFi, and will take the form of ‘an innovative debit card backed by a cash management accounts,’ Samsung explained.”

Samsung Developing Debit Card for Mobile Payments Platform

The mobile payments arms race continues, with Samsung having recently revealed that it is currently developing a payment card that will be associated with its Samsung Pay mobile payments platform.

Details at present are scant. In a statement, Samsung explained that it’s planning to expand its Samsung Pay platform from payments to money management, and framed the development of a payment card as an important first step. The card is being developed in collaboration with digital money management specialist SoFi, and will take the form of “an innovative debit card backed by a cash management accounts,” Samsung explained.

The card will be launched this summer, with Samsung promising further details “in the coming weeks.”

While that isn’t a lot of information to go on, it’s reasonable to understand this project as a response to the Apple Card launched last summer. Designed to primarily exist as a virtual card in the end user’s Apple Wallet – and secured with the iPhone’s biometric authentication technology – the Apple Wallet represented Apple’s first big step beyond the mobile payments enabled through its Apple Pay platform and into bona fide financial account services.

Reports emerged last month that Google was working on its own rival to the Apple Card, with Google Pay likewise having been in direct competition with Apple Pay. Now, it seems that Samsung, which has also been a competitor in the mobile money arena with its Samsung Pay platform, is also eager to keep pace.

For its part, Samsung made a name for itself in the mobile payments field with its Magnetic Transmission Technology, which allowed Samsung devices to conduct contactless transactions even with older, swipe-based Point of Sale terminals. Whether and how it can bring that kind of technological innovation to money management and virtual debit cards remains to be seen.

Filed Under: Industry News Tagged With: Apple, digital wallets, FinTech, mobile payments, mobile payments platforms, mobile wallets, mPayments, Samsung, Samsung Pay, SoFi

Related News & Articles

With Rear-Mounted FPC Sensors, New Xiaomi Redmi Devices Reflect Full-Size Display Trend

TOC App Launches on iOS and Android

Fingerprint Sensors Will Be ‘Standard Choice for Smartphone OEMs’ in 2018: Counterpoint

Primary Sidebar

Register For the Next Virtual Identity Summit

Register now!

Tweets

Sponsored Links

FACEPHI is a global leader in Facial Recognition technology and in Mobile Biometrics technologies. With a strong concentration in the financial sector, FacePhi's product is rapidly becoming a service used by banks all over the world. Its implementation doesn’t just save money, it is also a way to attract clients and build loyalty, while increasing the security of transactions for both the customer and the business. To learn more about FacePhi, visit https://www.facephi.com/en/

Recent Posts

  • Finland Advances National Digital ID Bill
  • T-Mobile Seeks to Sell User Data While Protecting Privacy
  • Pixel 6A Shows Improved Fingerprint Performance in Early Review
  • Instagram Uses Yoti’s Age Estimation Tech to Keep Out Minors
  • Embattled Selfie Onboarding Specialist Nets Certifications Amid Layoffs

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2022 MobileIDWorld