Samsung is looking to launch a credit card in the US, reports The Wall Street Journal. The card will be a partnership between Samsung and British bank Barclays and it will use Visa as the payment network.
This is clearly intended to compete with the Apple Card that rival Apple offers. That one is backed by Goldman Sachs and Mastercard (though we hear that Goldman Sachs wants out).
Samsung and Barclays are reportedly in “advanced talks” and should make a formal announcement by the end of the year. Apparently, talks are taking longer than expected.
Both companies have something to gain from this. Samsung wants to become a bigger part of consumers’ purchasing habits. Barclays, meanwhile, is looking to expand its foothold in the US market.
The credit card is just part of it – Samsung also wants to offer a variety of financial services like a high-yield savings account, digital prepaid account and “buy now, pay later” deal. Barclays will back at least some of these services, according to one insider.
Samsung Pay Card in India
Samsung has similar services in other regions, e.g. the Samsung Pay Card launched in Korea in 2020 on the Mastercard network. The Pay Card launched in the UK in 2020 (this one is a digital card rather than a physical one). Samsung India launched a credit card in partnership with Axis Bank in 2022.
Source (paywall)