Samsung plans to introduce a Visa-based credit card through a partnership with Barclays that will compete directly with the Apple Card in the United States, according to a report. The offering will provide cashback rewards that users can deposit into Samsung Wallet for future transactions, while the company also intends to roll out prepaid accounts, high-yield savings options, and an expanded installment payment service.
The expanded financial ecosystem could strengthen sales across Samsung's broad product portfolio, which extends beyond smartphones to include televisions, kitchen appliances, and laundry equipment. Apple launched its Mastercard-backed credit card in 2019 with Goldman Sachs, offering two percent cashback through Apple Pay and three percent at select merchants, though the arrangement has reportedly generated substantial losses for the investment bank.
Apple is exploring a potential shift to JPMorgan for its card operations, which could establish a framework for Samsung's arrangement with Barclays if the South Korean manufacturer proceeds with its financial services expansion.
The expanded financial ecosystem could strengthen sales across Samsung's broad product portfolio, which extends beyond smartphones to include televisions, kitchen appliances, and laundry equipment. Apple launched its Mastercard-backed credit card in 2019 with Goldman Sachs, offering two percent cashback through Apple Pay and three percent at select merchants, though the arrangement has reportedly generated substantial losses for the investment bank.
Apple is exploring a potential shift to JPMorgan for its card operations, which could establish a framework for Samsung's arrangement with Barclays if the South Korean manufacturer proceeds with its financial services expansion.
