"Samsung is looking to launch a credit card in the US, reports The Wall Street Journal. The card will be a partnership between Samsung and British bank Barclays and it will use Visa as the payment network. This is clearly intended to compete with the Apple Card that rival Apple offers. That one is backed by Goldman Sachs and Mastercard (though we hear that Goldman Sachs wants out)."
"Both companies have something to gain from this. Samsung wants to become a bigger part of consumers' purchasing habits. Barclays, meanwhile, is looking to expand its foothold in the US market. The credit card is just part of it - Samsung also wants to offer a variety of financial services like a high-yield savings account, digital prepaid account and "buy now, pay later" deal. Barclays will back at least some of these services, according to one insider."
Samsung plans a US credit card in partnership with Barclays that will operate on the Visa network. The companies are in advanced talks and may announce the product by year-end, though negotiations have taken longer than expected. Samsung aims to deepen consumer purchasing relationships and expand into financial products including a high-yield savings account, a digital prepaid account, and buy-now-pay-later options. Barclays seeks to grow its US presence and will back at least some services. Samsung already operates similar Pay Card services in Korea and the UK and partnered with Axis Bank in India.
Read at GSMArena.com
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