Samsung Plans to Launch a Credit Card in the US
Samsung, which already offers credit cards in several regions, is preparing to enter the lucrative US market with its own credit card. The initiative aims to compete directly with Apple Card.
Partnership and Payment Network
The new credit card will be a collaboration between Samsung and British bank Barclays, using Visa as the payment network. This distinguishes it from Apple Card, which is backed by Goldman Sachs and Mastercard.
"Samsung and Barclays are reportedly in 'advanced talks' and should make a formal announcement by the end of the year."
Although talks have taken longer than expected, both companies stand to benefit from the partnership. Samsung wants to deepen its role in consumers’ purchasing behavior, while Barclays aims to strengthen its presence in the US market.
Broader Financial Services Ambitions
Samsung plans to offer more than just a credit card. The company is looking to provide a range of financial services, including a high-yield savings account, a digital prepaid account, and a "buy now, pay later" option. Barclays is expected to support some of these services.
Existing Services Worldwide
- Samsung Pay Card launched in South Korea in 2020 on the Mastercard network.
- Samsung Pay Card in the UK, launched in 2020 as a digital-only card.
- Samsung India introduced a credit card in 2022 in partnership with Axis Bank.
"Goldman Sachs wants out" of backing the Apple Card.
This potential US credit card debut marks Samsung’s wider effort to integrate financial tools into its ecosystem and challenge Apple’s dominance in digital payments.
Author’s summary: Samsung is advancing plans for a US credit card with Barclays and Visa, aiming to rival Apple Card and expand its financial service offerings.