Samsung Pay is a very popular prospect when it comes to anyone who owns one of the many phones that Samsung has made. And now, it looks as if the company is going in even deeper with the payment scene as it looks on to introduce its very own debit card and cash management account.
The news which happened to have been posted on the Korean manufacturer’s website claimed that the company is now planning towards the usage of a “cash management account” in partnership with SoFi. Due to the fact that SoFi is actually a self-proclaimed non-bank, the money eventually ends up with the Wilmington Savings Fund Society – which happens to be yet another third-party brokerage. This may turn out to be a concerning prospect for some because of the fact that the process may have some holes in FDIC coverage as it makes its way through Samsung, SoFi and ultimately to the Wilmington Savings Fund Society.
As with the news coming out from Samsung itself courtesy of the announcement made by the company, the new debit card will actually be released later in the summer. While the firm didn’t exactly jump the ship so as to proclaim more of what holds with regards to the future of the card, it did say that it plans to share more details over the course of the next couple of weeks. For now we can hope that such news over the next few weeks will reveal some key details – such as what regions will be allowed access, and any fees that might exist therein.
As far as the idea as a whole goes, this isn’t exactly the very first time that a technology company such as Samsung has decided to get into the physical payment card game. Indeed Apple too has its very own credit card – going by as the Apple Card. In fact rumors have also been making a few rounds over the possibility that Google too might be releasing a debit card of its own.