Samsung has Plans to Launch a Debit Card this Summer

When mobile companies compete, the result is one to track. Earlier this week Samsung released plans to launch a company initiative called Samsung Pay. This program was cited after the company had learned about the success of the Apple credit card and debit card that launched early last year. Apple’s program and approach would place money plans in the hands of their users, allowing for lending companies to make partnerships with their borrowers. Apple Pay has been in use for over a year now, backed by Goldman Sachs. Samsung’s initiative will be backed by a thriving leader in the world of investments, saving accounts, and credit card production: SoFi. This release comes hot off the presses for mobile platform advances, but it is not the first coming from relevant companies within this space.

Google Plays Along

After playing follow the leader with Samsung’s advances, Google has also announced they will be shifting a market towards debit cards and credit cards. Their systems will be backed by larger financial institutions. While being first to market is always a welcomed advance, the idea of moving mobile access into the field of credit and debit productions bodes well for all involved. By increasing the overall amount of money availability that the consumer has access to, these companies can ramp up their revenues. The revenue increase will be welcomed given the current form of circumstances that are sweeping the nation. These announcements have already helped stock claims climb and have brought a new line of sight for consumers within this space. The enhanced advantages that will be vested within these programs will change the way that we enact in transactions, management tools, and savings accounts.

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