Samsung Pay is turning 5 years old in 2020, and Samsung is celebrating in a major way.
Samsung announced today that it's launching a "new Samsung Pay experience" that includes a debit card and a cash management account. Samsung is working with SoFi, an online personal finance company, but neither is saying much else the new project it at this time.
This new debit card is launching this summer, and Samsung that it'll share more details in the coming weeks.
Launched in 2015, Samsung Pay lets you make mobile payments using both NFC and MST, the latter of which lets you pay using your phone at traditional credit card terminals. Samsung Pay has gained more features in recent years, like support for membership and loyalty cards, and launching a debit card is just another way for Samsung to build out its mobile payments platform.
Samsung won't be the first major mobile company to launch its own payment card, with the Apple Card having launched last year, but there are some differences between Samsung and Apple's offerings. For example, Samsung is making a debit card while the Apple Card is a credit card. As more details on Samsung's plans come out, we're looking forward to seeing what this "new Samsung Pay experience" is all about and how Samsung will convince consumers to use its new debit card.
Have you used Samsung Pay before?