I’m not a fan of Samsung at all but saw this and thought it was worth sharing…
Samsung are planning to launch a Debit Card and and money management app in the summer.
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Personally I think the Apple Card has been entirely built for the US market (where EVERYTHING is a credit card!) and will remain a credit card only if and when they role it out to the wider world.
I really struggle to see an advantage to going with Apple or Samsung (as examples) for this. I can’t see what they’re going to do that someone else isn’t already doing better.
(That said, how many people said the exact same thing when they launched the first iPhone…)
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I’m not convinced the Apple Card interface would scale to a bank account. At the moment, essentially all they have to deal with is a list of card transactions and some budgeting charts. A bank account needs to deal with much more than a single card’s transactions. I’m not saying Apple couldn’t design a good bank app, but Apple Card isn’t it and I’m not sure they’re interested in the messiness of being a bank.
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Ah, sorry, I missed that. Yes, a prepaid debit card would be more manageable, though Apple might be hesitant to offer a product with the acceptance issues that prepaid cards have. Samsung isn’t as worried about things ‘just working’ to the same degree as Apple.
But as a way of expanding and improving Apple Pay Cash internationally, it could be a decent approach.
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What’s the point of yet another money transfer app? Especially in the UK where we already have Faster Payments which is (IMO) the gold standard when it comes to payments.
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Having a separate virtual debit card for those funds is anything but convenient? The budgeting tools seem useless unless you happen to (somehow) use that virtual card as your main account.
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But topping up and withdrawing seems like an unnecessary action when you can just use your bank account directly to send/receive funds?
and why I keep my spending segregated from my bills
Maybe it works for you but is this how most people manage their finances? Most people I know just use one main bank account and are quite happy with it. Adding more complexity to that would cause extra management overhead for most people. Not saying it’s bad to use a different workflow if it works for you but wishing this workflow to become the new standard (when a simpler standard - payments from/to your main bank account with Faster Payments - already exists) seems a bit too much?
I didn’t say there was a point, I meant that’s the only way I can see Apple being interested in providing a debit card. 