Report: Samsung wants to launch a credit card in the US to compete with the Apple Card | Infinium-tech

Samsung is considering launching a credit card in the US, according to reports wall street journalThe card will be a partnership between Samsung and British bank Barclays and will use Visa as the payment network.

Its apparent purpose is to compete with the Apple Card offered by rival Apple. He is backed by Goldman Sachs and Mastercard (although we hear 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 the talks are taking more time than expected.

Both the companies will get some benefit from this. Samsung wants to become a bigger part of consumers’ shopping habits. Meanwhile, Barclays is looking to expand into the US market.

Credit cards are one part of this – Samsung also wants to offer various financial services like high-yield savings accounts, digital prepaid accounts and “buy now, pay later” deals. According to an insider, Barclays will support at least some of these services.

samsung pay card in india

Samsung also has similar services in other regions, for example Samsung Pay Card launched on the MasterCard network in Korea in 2020. The Pay Card launched in the UK in 2020 (it is a digital card rather than a physical one). Samsung India to launch a credit card in partnership with Axis Bank in 2022.

Source (paywall)