Samsung Set to Challenge Apple with Its Own Credit Card

Tech giant Samsung is gearing up to launch its very own credit card in the United States, marking a bold move into the world of consumer finance. The card will be issued in partnership with the British financial institution Barclays and will operate on the Visa network.

This development is widely seen as Samsung’s strategic answer to Apple’s credit card, which currently runs on the Mastercard network in collaboration with Goldman Sachs. However, reports suggest that Goldman Sachs may soon end its partnership with Apple.

According to industry insiders, Samsung and Barclays are in the final stages of discussions, and a formal announcement is expected by the end of this year.

Experts say that Samsung’s entry into the credit card space is part of its broader strategy to deepen its presence in the everyday financial lives of American consumers. For Barclays, the collaboration represents an opportunity to expand its footprint in the U.S. financial sector.

Sources also reveal that Samsung plans to introduce a range of financial products in the near future, including high-yield savings accounts, digital prepaid accounts, and Buy Now, Pay Later (BNPL) services, many of which will also be powered by Barclays.

This isn’t Samsung’s first foray into financial services. Back in 2020, the company launched the Samsung Pay Card in South Korea on the Mastercard network, followed by a digital card service in the U.K. that same year. In 2022, Samsung introduced a credit card in India in collaboration with Axis Bank.