Samsung Plans to Launch Credit Card in the US
Samsung aims to enter the competitive US credit card market with a new product, according to The Wall Street Journal. This initiative would mark its expansion beyond regions where it already offers credit cards.
Partnership and Network Details
The US card will be a collaboration between Samsung and British bank Barclays, utilizing Visa’s payment network. This move positions Samsung’s card directly against Apple’s Apple Card, which is supported by Goldman Sachs and Mastercard, though Goldman Sachs reportedly seeks to exit.
Current Status and Timeline
Samsung and Barclays are in advanced discussions and expect to announce the credit card by year-end, although negotiations have taken longer than initially planned.
Strategic Goals for Both Companies
- Samsung: Aims to deepen its role in consumers’ spending habits and broaden its financial services.
- Barclays: Seeks to increase its presence in the US financial market.
Broader Financial Services
Besides the credit card, Samsung plans to offer various financial products such as a high-yield savings account, digital prepaid account, and buy now, pay later options. Barclays will support some of these services, according to insiders.
Global Credit Card Offerings
- Samsung Pay Card in Korea: Launched in 2020 on the Mastercard network.
- UK: Samsung introduced a digital card in 2020.
- India: Samsung partnered with Axis Bank to launch a credit card in 2022.
“Samsung and Barclays are reportedly in ‘advanced talks’ and should make a formal announcement by the end of the year.”
Samsung's US credit card entry reflects its ambition to rival Apple and expand its financial services portfolio worldwide.