Samsung’s Move into Debit Cards Shows Big Tech in Banking is Here to Stay

Apple, Google and now Samsung have all entered into the financial services space in a bid to provide a better customer experience than traditional banks offer; Samsung announced a partnership with SoFi last week that will provide users a cash management account at the fintech; Samsung believes the current crisis will help to accelerate digital and contactless payments; “Now more than ever, people are counting on technology to help them make contactless payments, shop and manage their finances without leaving the house,” wrote Sang Ahn, Vice President and General Manager of Samsung Pay; all three tech giants are following a similar path to financial services by using partners instead of becoming regulated entities; “I think all of these companies see the need for a smart digital twin to the dumb plastic,” said Vaduvur Bharghavan, the CEO of Ondot Systems, to American Banker. “Some of these might succeed, and some of these might fail. But I don’t think this is a fad.” American Banker

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