Samsung is reportedly challenging Apple Card and Apple Wallet. It seems that the company is planning a major expansion of its financial services in the United States. As hardware innovation slows, the tech giants are focusing on enhancing their own ecosystems to secure customer loyalty. For Samsung, this means moving beyond phones and appliances to integrate closely with the user’s finances through a credit card.
Reports indicate that the South Korean company is in discussions with the British bank Barclays to launch its own branded credit card. The move allegedly aims to rival the popular Apple Card. This potential “Samsung Card” could rely on Visa’s payment network and offer users cashback incentives. Users could withdraw this cashback through their Samsung Account, allowing them to spend it when purchasing Samsung products or at various partner stores. This strategy aims to encourage user spending and increase sales across Samsung’s wide range of products.
Samsung’s credit card and high-yield accounts could arrive this year in the US
The credit card is only one component of a larger financial expansion planned under the umbrella of Samsung Wallet, its mobile payment system. Samsung is also looking to roll out several other financial products in the US. The list includes digital prepaid accounts, high-yield deposit accounts, and enhancements to its existing “Buy Now, Pay Later” offering. The overarching goal is to significantly increase the adoption and usage of Samsung Wallet in the region, where it has not yet achieved the widespread success of its rival, Apple Pay.
It’s noteworthy that nothing is officially finalized yet. The report indicates that negotiations between Samsung and Barclays have reportedly taken longer than initially anticipated. However, a formal announcement could happen before the end of this year. This move shift reflects how Samsung is now striving to include finances in its portfolio of products and services to make its ecosystem more attractive.
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