Samsung partners with Barclays to launch visa credit card

Samsung is preparing to launch its first-ever credit card in the United States. The card will be issued in partnership with British lender Barclays and will run on the Visa network.

According to The Wall Street Journal, this move positions Samsung as a direct competitor to Apple’s credit card, which operates on Mastercard and is backed by Goldman Sachs.

However, Goldman Sachs is reportedly planning to withdraw from that partnership, potentially opening space for Samsung to gain an edge in the US fintech market.

Sources close to the matter told the WSJ that Samsung and Barclays are in the final stages of negotiations, with an official announcement expected before the end of the year.

This partnership represents a strategic move for Samsung to deepen its integration into the financial lives of US consumers, from its signature smartphones and smart devices to an end-to-end ecosystem that now includes financial services with Samsung Pay.

In addition to the credit card, Samsung is expected to launch several financial initiatives, including a high-yield savings account, a digital prepaid account, and a buy now, pay later service. Barclays is likely to support at least some of those offerings as well.

Notably, Samsung has already issued Samsung Pay Cards in other countries, including South Korea (2020), the UK (2020), and India (2022), in partnership with Axis Bank.