11-May-2020 | Market Research Store
Although world is facing a challenging situation of COVID-19 but innovations by major market players have not come to halt. The complete business industries around the world are facing tough challenges owing to the outbreak of this pandemic. Regions such as North America are dealing it rough in terms of both economy and human lives. The situations are getting worse in many of the countries but there are some countries who have somewhat getting back into track.
Some of the big names have started to change their business strategies and some are entering into new verticals. Samsung is the recent tech-based company planning to enter into personal financing. According to the Samsung, they have planned to enter into personal finance and are working out to launch a debit card for the Samsung Pay. The card may be launched by this summer. SoFi, the online personal finance company, will be backing up the Samsung’s debit card. Over the last five years, SoFi has gained quite a lot of traction.
Samsung is not the only one but many of the tech companies are getting into personal finance. In 2019, Apple Card was launched; furthermore, it is also rumored that Google is also going to introduce its own debit card. The advancements of Samsung’s plan are more streamlined than that of Google. The debit card introduced by Samsung will be tied to Samsung Pay and the customers will be provided with advanced methods to manage their money.
In 2015, Samsung Pay was launched allowing selected Galaxy devices for virtual payments. The payments could be made to any of the terminals owing to Magnetic Secure Transmission (MST). Samsung Pay was all about rewards and mobile payments, but introduction to the debit card will improve the money management tools service. The official announcement came as a celebration to Samsung Pay for successfully completing 5 years. Further information will be provided by the company in the coming weeks.
The recent report published on the global online payments services market by the Market Research Store showcases that the target market will witness rapid increase in the coming years owing to increasing digitalization.