Samsung celebrates five years since it introduced its mobile payment service – Samsung Payment. At the time of launch, it was one of the few featuring built-in magnetic secure transmission technology (MST) and NFC (Near Field Communication) functionality.
Not to mention that Samsung Pay was one of the first services of its kind to offer a rewards program to its users. Today, the Samsung Rewards program
, while known among users, gets little to no praises due to the lack of good offers.
Today, Samsung revealed
that it will expand its Samsung Pay service in such a way that it will provide users with enhanced management tools that will allow them to not just pay for their shopping but also manage their money.
Surprisingly, part of this new strategy is the launch of a physical debit card, which defeats the purpose of using Samsung Pay
in the first place. A mobile payment service like Samsung Pay is extremely useful because it eliminates the need of carrying a physical debit card with which to pay for shopping.
In 2020, Samsung Pay will be expanding our service from being a rewarding way to shop and pay, to also being a rewarding way to manage money. As a first step to this broader vision, 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. We are excited to share more details in the coming weeks.
Perhaps the new traits offered by Samsung Pay will be of use to some users, which is why we're anxious to learn more about them. We just hope the rewards for the use of this new cash management account backed by a debit card will be better than the current Samsung Rewards program.