Although details at present are scant, Samsung explained that it is 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 it is meant to take the form of a ‘debit card backed by a cash management account’. The card will be launched in the summer of 2020.
In the mobile payments field, Samsung had previously revealed its Magnetic Transmission Technology, which allowed Samsung devices to conduct contactless transactions with older, swipe-based POS terminals.
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