Samsung To Launch a Samsung Pay Debit Card This Summer

In a blog post yesterday, Samsung announced plans to launch a Samsung Pay debit card this summer. The Verge reports: Samsung will launch the card, which will be backed by a cash management account, in partnership with personal finance company SoFi, Ahn said. Samsung is also developing a "mobile-first money management platform," according to Ahn. His blog doesn't detail what features that money management platform or the upcoming debit card may have, but he does say that Samsung will share more details "in the coming weeks." Samsung joins Apple in offering a branded payment card. Google is reportedly working on its own branded payment card as well, though Google's will apparently be a debit card, like Samsung's. Google will also supposedly offer spending-tracking tools for the card.

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[phalse phace]

Samsung's partnering with SoFi, not Capital One

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[kurkosdr]

An Apple phone near the wallet probably, as Apple opts to not come clean and make amends in documented cases of iPhones exploding, unlike Samsung which did.

good article

[miguel811]

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Transaction Fees

[John.Banister]

It'd be nice to see a technology company like Samsung use their ubiquity to allow purchasing with much lower transaction fees than are currently collected. If they got even half-way between typical US fees and M-Pesa fees, that would be huge. Unfortunately, SoFi seems pretty tied in to the current US banking world for them to be permitting their partner to do something like that.

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[AmiMoJo]

Lower transaction fees, anonymity, those are the things we want.

I do prefer credit cards though. At least in the UK they come with extra protections over debit cards.

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[infolation]

The UK introduced an amazing money transfer technology that has zero transaction fees, 100% anonymity, perfect for micro-transactions.

But that was back in the 50's.

The 750's [wikipedia.org]

Re: Transaction Fees

[mjwx]

Middlemen only increase fees, not decrease them. You can also guarantee that should any of these services become popular they'll stop being free and by free, I mean the merchants aren't being ripped off any more than they already are.

In order to reduce fees you need to take the huge step of actually becoming a bank yourself and meet the myriad of regulations and safeguards yourself.

At that point they are competing with the regular banks and by not using the VC/MC/AMEX networks they are again every ot

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[John.Banister]

In order to reduce fees you need to take the huge step of actually becoming a bank yourself and meet the myriad of regulations and safeguards yourself.

You could also acquire controlling interest in an existing bank.

If you, the middleman, require both parties of the transaction to have money deposited in this bank, then you're increasing fees above the $0 for transferring funds between different accounts in the same bank. And so, you could increase fees by far less than the competition increases fees. It becomes a question of ubiquity. The initial punishment by everyone else is to make it expensive to transfer funds to and from the competing network. Ho

too late

[renegade600]

a bit late. Should have been released when Samsung pay first started. Back then very few banks supported it and you had to use a big bank credit card. Debit cards that worked with SP were few and far between. Took me forever to find one. My bank did not even offer mobile pay until last year and I did not want to use credit cards for everything.

Now there is really no reason to have a prepaid debit card to use with SP. Besides, Samsung already has a virtual debit card called Samsung Pay Cash.

Suck my Dick

[Retired ICS]

I do not want your payment card. I do not want your app. How about you fuck off and die and while you are at it, make your fucking app OPTIONAL.

You bunch of communist fuckwad whores!

Big middle finger to you, Samsung

[OneHundredAndTen]

And you know where you can stick your card. And your software, while you are at it. Release your phones without any software from you, and I might be tempted. Otherwise - well, stick them up there next to your card.