Samsung is reportedly eyeing its entry into the credit card market in the US. The company is expected to target Apple’s financial empire in the country in collaboration with the British bank Barclays.

According to the Wall Street Journal, Samsung is negotiating with Barclays to launch a credit card in the US. This card is expected to use the Visa payment network, and Samsung will present it as an Apple Card alternative.

Samsung tasked Barclays with helping increase the Samsung Wallet’s adoption in the US. The company’s digital wallet has a large user base in South Korea, but its presence in the US is still small, lagging behind Apple.

To this end, Samsung Wallet could launch high-yield savings accounts, digital prepaid accounts, and new buy-now, pay-later products. Some of these services are being discussed for operation in partnership with Barclays.

The WSJ, citing documents it obtained, stated that Samsung is “envisioning a financial ecosystem where cashback earned with the Samsung credit card is transferred to a Samsung account.”

Credit Card won’t just push Samsung Wallet to the US market, but it could also influence the sales of products like smartphones, mobile devices, TVs, and home appliances, leveraging exclusive discounts and benefits.

The WSJ stated, “Samsung and Barclays plan to announce the partnership by the end of the year, but the negotiations are taking longer than expected, and no contract has been finalized yet.”

A new card would give the two foreign companies a boost in their efforts to get more out of the U.S. consumer market, with Barclays seeking more lending and Samsung trying to build deeper brand loyalty by replicating Apple’s financial products. [Source]

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