According to reports from The Wall Street Journal, Samsung is gearing up to introduce a credit card in the US in collaboration with Barclays, with Visa serving as the payment network. This move is seen as a direct response to Apple's Apple Card offering, backed by Goldman Sachs and Mastercard. Talks between Samsung and Barclays are said to be in the final stages, with an official announcement anticipated by the year's end.
Both Samsung and Barclays stand to benefit from this partnership, as Samsung aims to strengthen its presence in consumers' purchasing behaviors, while Barclays eyes an expansion in the US market. In addition to the credit card, Samsung is also looking to provide various financial services like a high-yield savings account, digital prepaid account, and a "buy now, pay later" option, with Barclays expected to support some of these services.
Samsung Pay Card in IndiaNotably, Samsung has previously launched similar financial services in other regions, including the Samsung Pay Card in Korea and the UK in 2020, and a credit card in partnership with Axis Bank in India in 2022.
Source (paywall)
