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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.
The SoFi Difference
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The partnership is especially exciting when comparing component pieces. While Goldman Sachs and financial institutions have their own forms of interest rates, savings mechanisms, and other such card perks, SoFi holds the highest amount of advantages in this partnered space. The company is already known for their management tools that help people invest their earnings and growth their wealth contributions. Centering the focus around 401K and retirement plans, the company has been able to impact the lives of thousands through their early, infant claims. SoFi has grown exponentially over the past few years, which bodes well for Samsung’s chances of eating a piece of the success cake.
SoFi is also credited by the BBB as one of the top loan consolidation companies. Working your finances through this company will give a greater sense of importance to the bigger. The terms of involvement between Samsung’s people and SoFi representatives are still undefined, but there is no question that there will be some affordance and benefit coming from the partnership between these two companies.
Company Benefit
The idea of releasing programs to enter this market space allows certain advantages for companies to work into their formulation of planning. Gaining insightful data in the field of purchases is valued beyond a monetary number. Companies can gain tract into consumer spending habits, allowing them to seek new formats for advertising campaigns and marketing efforts. Brand loyalty is a second piece that is tied into these strives. The company will bring more to the table in terms of consumer protection and support, increasing the overall output that a consumer is willing to place within a company. By garnishing their approach to seek the assistance of untouched and untapped potential, these companies can expand their efforts on the global chart. Increasing the number of consumers that are tapped into branded efforts helps to solidify these options as the future of these companies, reducing their chances of falling prey to tame markets or falling down in the instance of global pandemic. It is a forward-facing approach that will continue to provide these companies the opportunities they need to stay afloat during trying periods or rebound from down quarters. A very smart move for mobile companies during the given circumstances.
