Two tech titans are elbowing their way into financial services. A look at how they stack up.
You’ll soon be able to put Samsung in your wallet. Samsung Money — a new cash management service offered by Samsung, SoFi and Mastercard — is set to launch later this summer. Announced in May, the service will be mostly virtual, though it will feature a physical card with no numbers, just like the Apple Card. But there are still lots of details we don’t know about Samsung Money — including exactly when it will launch, what it will look like and specific details on how the rewards component will work.
But the industry will be watching closely. Checking and savings accounts and credit cards have long been the province of big financial institutions such as Bank of America, Wells Fargo and American Express. But following Apple’s foray into finance with the Apple Card, more traditionally tech-focused companies are pivoting into finance. And now comes Samsung — one of the largest companies in the world, with enough clout and reach to have an immediate impact.
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