Samsung Plans US Credit Card Launch to Rival Apple Card
Samsung aims to enter the lucrative US credit card market with a new offering, reported by The Wall Street Journal. This initiative involves a partnership with British bank Barclays and will operate on the Visa payment network. The move positions Samsung directly against Apple’s credit card, which is backed by Goldman Sachs and Mastercard, although Goldman Sachs reportedly wants to exit that deal.
Partnership and Market Strategy
Samsung and Barclays are in advanced discussions, with plans to announce the partnership by year-end, though talks have taken longer than initially expected. Both companies stand to benefit significantly: Samsung seeks to deepen its role in consumer spending habits, while Barclays aims to grow its presence in the US financial market.
Broader Financial Services Offering
The credit card is part of Samsung’s broader financial services strategy, which includes plans for a high-yield savings account, a digital prepaid account, and “buy now, pay later” options. Barclays is expected to support at least some of these additional services.
Global Experience and Existing Services
- Samsung Pay Card launched in South Korea in 2020 using Mastercard network.
- Digital Samsung Pay Card introduced in the UK in 2020.
- Samsung India partnered with Axis Bank to launch a credit card in 2022.
“Samsung is looking to launch a credit card in the US... The card will be a partnership between Samsung and British bank Barclays and it will use Visa as the payment network.”
“Samsung wants to become a bigger part of consumers’ purchasing habits. Barclays... is looking to expand its foothold in the US market.”
Author’s summary: Samsung is advancing plans for a US credit card with Barclays, leveraging its global fintech experience to challenge Apple Card and broaden financial service options for consumers.