Samsung Pay introduces debit card backed by SoFi cash management

Samsung Pay is now celebrating 5 years of being in the market. After powering millions of transactions across the world, the wireless payment system is now headed for the future. With a new debit card backed by SoFi, a renowned personal finance company. The card will integrate seamlessly with Samsung Pay users allowing them to make payments and manage their cash without opening a bank account.

Samsung Pay – The future of transactions

Samsung Pay has been at the forefront of payment methods for Android users. With secure payments and contactless payments making life easier for smartphone users. With NFC becoming common in mid-range phones, it’s now easier than ever to pay for food and services without the need for paper.

In a blog post published by Samsung, they have talked about a new debit card they have made in collaboration with SoFi. This card will be backed with a cash management account powered by SoFi. This means a whole new level of convenience as it saves you the trouble of opening a second bank account to manage the debit card.

While there are no details on the debit card in particular, more will follow in the coming weeks as Samsung plans on introducing the debit card shortly formally to highlight all the features and more about the card.

With the current global situation, many people are moving toward contactless solutions for payment. The new debit card sounds like a good addition to the Samsung Pay family to further improve the payment mechanism if it has all the backing of SoFi and Samsung.

As Samsung Pay continues to innovate, new features added to the payment gateway truly make it a work of wonder for Android users. While the 5 years has paved the way for other companies to enter the same space, Samsung Pay was among the first to introduce this robust technology.

We are definitely eager to see what the future holds for Samsung Pay and its rumored debit card. It will have to check all the right boxes to entice Samsung customers to sign up for it.

What are your hopes for the debit card? let us know in the comments section below.

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