Samsung is pulling an Apple for its fifth Samsung Pay anniversary. The company has just revealed plans to release its own "elevated" payment experience: A debit card.
The new card will be backed by a "cash management account" through partner company SoFi — notably, not a bank, according to SoFi itself. These "cash management accounts" are actually brokerage accounts provided through yet another third-party: Wilmington Savings Fund Society. It's a complex chain that may have gaps in FDIC coverage until it lands in that remote account, three companies separated from you.
The addition of a card rounds out Samsung's existing Samsung Pay portfolio, which already offers contactless payments via both NFC and MST, and even its own rewards system — at this point, all that was missing was a self-branded card or bank account, which this change will add.
Samsung plans on introducing its new debit card later this summer, with more details arriving in the coming weeks, and no word yet on which markets might get it.