Samsung is moving to expand its Samsung Pay program by releasing a new virtual prepaid card. The new debit card is scheduled to be released during the summer, and it will be created in collaboration with a financial company named SoFi. SoFi is a financial startup company, based out of America, that specializes in personal finances.
Expanding Samsung Pay will give the company a bigger presence in the mobile payment industry, which could provide a consistent source of revenue for the organization. Adding another consistent revenue source can also help the company offset any losses related to the outbreak of COVID-19. Additionally, many other major tech companies have expanded in this area, and have also released baking solutions.
Mobile-Integrated Debit Cards
Samsung Pay Will Be Expanded with a Debit Card in the Summer
Trend Themes
1. Mobile Payment Debit Cards - The integration of payment services with debit card offerings can disrupt traditional banking services and offer new ways for consumers to make purchases.
2. Virtual Prepaid Cards - Virtual prepaid cards can provide an additional layer of security and convenience for consumers using mobile payment services that can be leveraged to build customer loyalty.
3. Collaborations with Financial Startups - Collaborations with financial startups can provide an opportunity for established tech companies to innovate and differentiate their services while providing startups with more exposure and resources.
Industry Implications
1. Mobile Payment - Mobile payment companies that integrate debit cards into their services can differentiate themselves in an increasingly crowded market while improving user experience.
2. Banking - Traditionally, banking has been the domain of well-established, brick and mortar institutions, but the rise of mobile payment debit cards presents an opportunity for disruption and innovation within the industry.
3. Finance Technology Startups - Collaborations with established tech companies can help finance technology startups gain exposure and resources they need to expand their services and continue to innovate.