Samsung Set to Launch Its Own Credit Card

Samsung is preparing to launch a credit card in the United States, according to a report from The Wall Street Journal. The new card will be issued in partnership with British lender Barclays and will operate on the Visa network.

The move is widely seen as an effort to rival Apple’s credit card, which is backed by Goldman Sachs and runs on Mastercard. However, Goldman Sachs is reportedly planning to exit the partnership.

Samsung and Barclays are said to be in advanced discussions, with a formal announcement expected by the end of the year. The talks have taken longer than anticipated, sources familiar with the matter said.

For Samsung, entering the credit card market is a strategy to become more integrated into the daily spending habits of US consumers. Barclays, meanwhile, is seeking to grow its presence in the US financial sector.

Beyond the credit card, Samsung reportedly plans to introduce a range of financial products, including a high-yield savings account, a digital prepaid account, and a buy now, pay later service. Barclays is expected to support at least some of these offerings.

Samsung has already introduced similar products in other markets. The Samsung Pay Card launched in South Korea in 2020 on the Mastercard network. In the UK, the Samsung Pay Card also debuted in 2020 as a digital-only option. In India, Samsung partnered with Axis Bank to launch a credit card in 2022.