Samsung Pay debit card will compete directly against Apple Card

Apple announced its Apple Card in 2019, and now its main competitor Samsung has announced its new Samsung Pay debit card.

The new Samsung Pay debit card was announced in a blog post by Sang Ahn, the vice president and general manager of Samsung Pay in North America. Samsung Pay will be backed by a cash management account, with Samsung teaming with personal finance company SoFi.

Ahn explained that Samsung is making a "mobile-first money management platform". The blog doesn't go into much detail about the money management platform, or what features Samsung Pay will have. Ahn did say that Samsung will unveil more details "in the coming weeks".

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In the blog post, Ahn said: "In 2020, Samsung Pay will be expanding our service from being a rewarding way to shop and pay, to also being a rewarding way to manage money. Over the past year we have been busy developing a mobile-first money management platform. Our vision is to help consumers better manage their money so that they can achieve their dreams and goals. Now more than ever, mobile financial services and money management tools will play an even bigger role in our daily lives while also opening up new possibilities".