What you need to know
- Reports claim that Samsung has approached the U.K.-based bank, Barclays, to create its own credit card for the U.S.
- This rumored “Samsung Card” could offer perks like cashback on its devices and appliances, as well as “digital prepaid accounts” and more.
- Samsung Wallet has received updates this year, as the company introduced Coinbase integration and Buy Now, Pay Later.
A report highlights the potential for Samsung to introduce a credit card for U.S. consumers, as it may look to move in on its competition.
Heading into the weekend, the Wall Street Journal reported that Samsung was supposedly interested in creating a credit card that it could launch in the U.S. to potentially step in on the Apple Card (via Android Police). Per the publication, Samsung has approached the U.K.-based bank, Barclays, which also has a presence in the U.S., to create this credit card.
So far, it appears that the two companies have gone quite deep in their talks and negotiations to get the ball rolling; however, nothing’s been set in stone just yet. The Wall Street Journal reports that the two companies are in “advanced” talks to empower this card with Visa, but an official stamp on things isn’t there yet.
As a part of this potential joint movement, the report states that Samsung would seek to offer a “cashback” rewards program, which consumers can use on its devices. We can think about its smartphones, watches, foldables, tablets, and the like with that. It also seems that Samsung is thinking of letting users leverage that cashback for its appliances, too. Additionally, this rumored “Samsung Card” could even bring “digital pre-paid accounts,” alongside “high-yield savings accounts.”
Regarding when we could see an announcement, rumors claim it could happen toward the end of 2025.
Samsung digs deep with digital payments
Right now, as far as digital payments go, U.S. consumers have Samsung Wallet. While it’s nothing like the South Korean company’s (rumored) credit card, it’s still got its name out there for payments, as well as offering some cash back for shopping at stores, and features with SoFi. One of Samsung Wallet’s newest features is “Buy Now, Pay Later” (BNPL), which first started in early access before officially arriving in July.
U.S. users can now split their in-store payments when paying with Samsung Wallet at checkout. Samsung brought in support for Visa and Mastercard for this new feature. The app forgoes any credit checks and new financing for users interested in using BNPL.
Most recently, Samsung Wallet has stepped into the cryptocurrency world with Coinbase One. This was an extension of the company’s original crypto payment update over the summer with the Coinbase app. Since arriving for more users, users can quickly manage their crypto with just a tap on their phones. Through this integration, Coinbase said users can unlock “a smoother path to crypto for millions of mobile users across North America.”
