Samsung Set to Launch Its Own Credit Card, Expanding Consumer Financial Services

Samsung is reportedly preparing to launch a credit card in the United States in partnership with British lender Barclays, operating on the Visa network, according to The Wall Street Journal. The move is widely seen as an effort to compete with Apple’s credit card, which is backed by Goldman Sachs and runs on Mastercard, although Goldman Sachs is reportedly planning to exit its partnership. Samsung and Barclays are in advanced discussions, with a formal announcement expected by the end of the year, though sources indicate the talks have taken longer than initially anticipated.

Entering the U.S. credit card market is part of Samsung’s broader strategy to integrate more deeply into the daily spending habits of American consumers. For Barclays, the partnership offers an opportunity to expand its presence in the U.S. financial sector.

In addition to the credit card, Samsung plans to introduce a range of financial products, including a high-yield savings account, a digital prepaid account, and a buy now, pay later service, with Barclays expected to support at least some of these offerings.

Samsung has experience launching similar products in other markets. The Samsung Pay Card was introduced in South Korea in 2020 on the Mastercard network and also debuted in the UK the same year as a digital-only option. In India, Samsung partnered with Axis Bank to launch a credit card in 2022, demonstrating its ongoing push into financial services globally.

This expansion into the U.S. signals Samsung’s ambition to position itself not only as a technology leader but also as a significant player in consumer finance.