Samsung will soon be launching a Samsung Pay debit card, the company announced on Thursday.
The South Korean tech giant has partnered up with personal finances company SoFi t develop a smart debit card.
“This summer Samsung in partnership with SoFi will introduce a new Samsung Pay experience with an innovative debit card backed by a cash management account,” Sang Ahn, vice president and general manager of Samsung Pay in North America said in a blog post.
The card will be linked to a checking account. The company plans to expand its custom payment service Samsung Pay, expanding it to help users “manage money” as well.
So far, no details regarding the card or how will it work have been shared yet. The company will be sharing more information about the card in the coming weeks, Sang Ahn said.
Samsung will face competition from tech giant Google and Apple, who have also forayed into fintech with similar solutions. So far, only Apple has its own custom payment solutions on the market, including Apple Pay and the Apple Card.
According to a recent report by Tech Crunch, Google is also in the process of developing physical and virtual debit cards under its own brand. Google is currently developing its own virtual debit and credit cards which will then be associated with specific checking accounts of users allowing them to purchase things with a card, mobile phone or online, the report said.