Samsung is launching a credit card and financial management platform on phones this summer
A credit card for the Samsung Pay payment service on its way to arrive in the summer in cooperation with the financial services company SoFi, as well as a money management platform.
Samsung and through the company’s deputy director of electronic payment service, Sang An, announced that they are on the way to launch a credit card with a liquidity management account this summer in cooperation with the company providing financial services SoFi,
which is based in San Francisco,
California, USA. This card will support the Samsung Pay electronic payment service.
Samsung is launching a credit card
The move comes from the South Korean company after similar steps to Apple in cooperation with Goldman Sachs, and Huawei, which recently launched its card.
But what Samsung will add unlike its competitors will be the launch of a financial management platform for smartphones,
which the company says is the first of its kind.
SoFi is characterized by providing financial services related to managing personal funds, and assisting clients to obtain and manage the best payment options and loans.
With the knowledge of what SoFi has to offer,
it became clear the reason behind cooperation from Samsung in launching the electronic payment service and the financial management platform since it has a great experience in the field since its establishment in 2011.
Thus, it will contribute to the availability of virtual financial accounts that users can easily manage with their credit cards.
Samsung has not announced many details on the matter but has said it will provide more clarifications in the next few weeks.
It is noteworthy that Google is also working to launch a credit card for a purchase from e-stores and complete the regular payments.
What is Samsung Pay?
Samsung Pay is so safe that it secures your payment information with several added layers of security, keeping it locked and hidden from any third parties.
For further peace of mind,
its built-in Samsung Knox technology offers nonstop monitoring. And should you ever lose your phone, you can simply deactivate remotely should it fall into the wrong hands
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Samsung Pay is similar to Apple Pay and Google Pay. It is a platform for Samsung devices – smartphones and wearables – that allows you to pay for goods and services by tapping your Samsung device near a contactless payment terminal or authorizing an online payment, rather than using cash or credit cards.
Here’s everything you need to know, including what banks are supported and how it works.
Samsung Pay: What do I need?
The Samsung Pay platform is baked into Samsung Galaxy devices, which includes the company’s smartphones and wearables. You can find the full list of compatible devices below.
To use Samsung Pay, you’ll need to download and install the Samsung Pay app on your compatible phone, register compatible cards and accounts and the platform will draw directly from these chosen sources when making a payment.
What Samsung devices are compatible with Samsung Pay?
Below is a list of all the Samsung smartphones that currently support Samsung Pay:
- Note 10+ 5G
- Galaxy Note 10+
- Note 10
- Galaxy S10 5G
- Galaxy S10
- Note 9
- Galaxy S9+
Samsung Pay: How does it work?
When using a phone: by swiping up from the bottom of the display, the Samsung Pay app will launch and your default card will appear along with a message to authenticate a payment with their fingerprint, or the iris scanner on compatible devices.
If a different card is needed, a simple left or right swipe will bring up others stored in your phone.
Once the payment has been biometrically authorised, the phone tells you to tap it onto the contactless payment reader and bingo, a payment is made via NFC (near field communication).
Samsung Pay: More than NFC
Samsung Pay offers more than just NFC in some regions – such as the US – by also offering a mobile wallet technology called MST (Magnetic Strip Technology), which it acquired when it bought LoopPay.
MST allows a contactless payment to be made with terminals that do not feature NFC readers (mostly outside the UK), which opens up a lot more retailers to the payment tech.
It can also send the payment information to conventional terminals in stores that have the old-fashioned magnetic strip instead.