Samsung will introduce its own "innovative" debit card this summer to compete with the Apple Card. The new card is the next step after Samsung Pay, which was launched five years ago. The Apple card was introduced last year, and Google is reportedly working on developing one as well.

Samsung has partnered with financial firm SoFi and the debit card will be backed by a cash management account. The Samsung card will directly compete with the Apple card, which is issued in partnership with Goldman Sachs.

According to a blog post by Sang Ahn, vice president and general manager of Samsung Pay in North America, along with Samsung Card, the company is developing a "mobile-first money management platform."

Samsung launched its mobile payment service in 2015, allowing users to pay for goods by waving a Galaxy device near a cash register rather than swiping a credit or debit card. Apple Pay appeared a year earlier, but Samsung's service could be used almost anywhere because it used both NFC (tap to pay) and MST (magnetic secure transmission) technology.

Samsung Pay also incorporated the ability to add loyalty cards, receive cash back on some purchases, and receive bonus points and other promotions at participating retailers. Users can also pay for mass transit with Samsung Pay.

The company did not say much else about the new Samsung Card or the money management platform. The company did not say much else about the new Samsung card or money management platform.

The launch of debit cards is a smart move now for smartphone companies to expand potential revenue streams. Sales of Samsung's Galaxy S20 were hit hard by the coronavirus outbreak.