Samsung Plans US Credit Card Launch to Challenge Apple Card
Samsung aims to enter the lucrative US credit card market, partnering with British bank Barclays to introduce a new card using Visa's payment network. This move positions Samsung to rival Apple’s Apple Card, which is supported by Goldman Sachs and Mastercard.
Details of the Partnership
- Samsung and Barclays are in advanced discussions and plan an official announcement by year-end.
- Negotiations are taking longer than initially expected.
- The partnership will leverage Visa for its payment processing.
Strategic Goals for Both Companies
- Samsung seeks a stronger presence in consumers' everyday spending habits.
- Barclays aims to grow its footprint within the US financial market.
Expansion Beyond Credit Cards
Samsung also plans to offer additional financial products like high-yield savings accounts, digital prepaid accounts, and “buy now, pay later” options, with Barclays providing backing for some services.
Samsung’s Existing Financial Services
- Samsung Pay Card in South Korea (Mastercard network, launched 2020).
- Samsung Pay Card digital version in the UK (launched 2020).
- Samsung India credit card launched with Axis Bank in 2022.
“Samsung is looking to launch a credit card in the US, reports The Wall Street Journal.”
Author’s summary: Samsung is preparing to launch a Visa-backed credit card in the US with Barclays, aiming to compete directly with Apple Card while expanding its financial service offerings.