Samsung is working on a plan to launch its own credit card in the US, teaming up with British bank Barclays, according to a recent report. The new card would run on Visa’s payment network and aims to help Samsung grow its digital payment service, Samsung Wallet.

The company is also exploring other financial products, such as high-yield savings accounts, digital prepaid cards, and “buy now, pay later” (BNPL) options. Some of these could also be developed with Barclays. It lets users automatically transfer cashback earned from the Samsung credit card into a Samsung account.

In South Korea, Samsung Wallet is already widely used thanks to Samsung Pay. But in the United States, it still has a much smaller user base compared to Apple Pay. Samsung hopes that a credit card with special cashback rewards and other benefits will attract more users, boost sales of its products like phones, TVs, and appliances, and build stronger customer loyalty.

Source – Samsung

Barclays, on the other hand, is looking for ways to grow its presence in the US financial market, and partnering with Samsung could help it reach more customers. This effort is similar to Apple’s launch of the Apple Card in 2019, created with Goldman Sachs and Mastercard.

Samsung and Barclays plan to announce their partnership by the end of this year. However, discussions are still ongoing and no final agreement has been made yet.

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