Samsung plans to launch a debit card this summer, Samsung Pay Vice President and General Manager Sang Ahn announced in a blog post Thursday.
The South Korean tech giant is partnering with San Francisco-based personal finance startup SoFi to offer the new card and cash management account.
"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," Ahn said in a statement.
Samsung has been developing a mobile-first money management platform for the past year, Ahn said.
"As a first step to this broader vision, this summer Samsung in partnership with SoFi will introduce a new Samsung Pay experience with an innovative debit card backed by a cash management account," Ahn said, adding that the company will share more details in the coming weeks.
SoFi, which last month announced plans to purchase application programming interface (API)-based payments platform Galileo, already has its own cash management account called SoFi Money.
Samsung joins competitors Apple and Google as more tech giants announce plans to offer banklike products.
Apple launched its Apple Card credit card in partnership with investment bank Goldman Sachs last summer.
Google also plans to launch a checking account and debit card through a partnership with Citi and Stanford Federal Credit Union later this year.
Samsung Pay had an estimated 10.8 million U.S. users last year, compared to Google Pay's 10.9 million users and Apple Pay's 30.3 million, according to Business Insider.