Samsung launches its first credit card in the US, partnering with Barclays to expand into the financial services business and compete with Apple Pay.

Samsung has launched its first co-branded credit card in the US, partnering with Barclays to integrate it through Samsung Wallet and offer up to 5% cashback on Samsung purchases, entering competition with Apple Pay.

July 21, 2569 at 04.39:XNUMX a.m., Reuters reported that Samsung Electronics The first co-branded credit card in the U.S. was launched in partnership with Barclays on Monday (July 20). This marks a serious foray into the financial services business in the US market, signaling plans to expand financial products in the future.

Samsung Galaxy Card Issued by Barclays And by utilizing Visa's payment network, users can apply for the card, manage accounts, track spending, and redeem rewards all through Samsung Wallet. In addition, cardholders receive 5% cashback on Samsung purchases, as well as additional benefits from using Samsung Pay and spending in other categories.

This credit card launch places Samsung in direct competition with Apple Pay, which dominates the smartphone payment services market in the United States.

This occurs at a time when technology companies and financial institutions are rapidly integrating digital wallets with financial products to push smartphones to become the central hub for consumer payments and financial management.

Doug Villone, Head of Credit Cards and Partnerships at Barclays US Consumer Bank. said The digital card is designed to provide customers with a more convenient and seamless payment experience, aligning with consumer behavior that shifts towards managing finances via mobile phones instead of traditional wallets.

side Sih Lee, Executive Vice President and Head of Fintech Business for North America at Samsung Electronics. revealed that Currently, 70% of households in the United States own at least one Samsung device, and nearly 30% own three or more Samsung products, representing a large customer base for expanding financial services.

He also stated that The partnership with Barclays is a long-term strategic collaboration. While not all details of the new products have been disclosed yet, both parties plan together to develop innovative financial products and services to meet future customer needs, reflecting Samsung's goal of expanding its business beyond just credit card services.

side Barclays is expanding its consumer lending business in the United States. specify that Barclays sees an opportunity to extend its long-term collaboration with Samsung if it benefits consumers. Previously, in 2567, Barclays acquired General Motors' (GM) credit card business, allowing customers to accumulate and redeem points to purchase GM vehicles, including electric cars, continuously expanding its credit card business in the US market.

refer : www.reuters.com

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