Samsung Deepens Fintech Push With Barclays Credit Card
Synopsis
The tech giant has entered the U.S. credit card market with a Visa-backed offering that combines cashback rewards with Samsung Wallet integration.
Samsung has been venturing into financial services with the launch of its first credit card in America through its collaboration with Barclays, which is a new venture for the firm outside of consumer electronics and digital payments.
The Samsung Galaxy Card is a credit card issued by Barclays and powered by Visa. Consumers can obtain the card, track their spending, manage their account, and receive cash back via Samsung Wallet, thus integrating payments and rewards in one mobile app.
Entering the World's Largest Card Market
It will allow Samsung to be directly involved in the consumer credit card business in America, which has seen many technology firms team up with traditional banking institutions in recent times to provide financial services. Although Samsung has run the Samsung Card in Korea for decades, the latest launch is Samsung’s first branded credit card in the United States.
Cashback rewards can be earned on eligible purchases, including increased rewards for certain Samsung purchases and payments made using Samsung Wallet.
Expanding Financial Services Portfolio
The partnership comes amid an ongoing rise in digital wallets' popularity. The latest survey of the Federal Reserve titled the Diary of Consumer Payment Choice 2024 reveals that card payments still form one of the most popular means of making payments in America. Moreover, usage of mobile wallets continues rising both in on-line and off-line purchases.
The consolidated revenue of Samsung Electronics reached KRW 300.9 trillion in the 2025 fiscal year as per its latest audited financial statements. Samsung continuously broadens its ecosystem, moving from hardware towards a combination of devices with software, payments and financial services.
While Barclays described this venture as the union of their consumer lending expertise and Samsung's mobile platform, Samsung emphasized that the purpose of the card was the facilitation of payment management in Samsung Wallet.
For Australia-based firms and banks, the move is a manifestation of a global trend of technology firms broadening consumer finance portfolios via cooperation with regulated banks instead of being banks.
Source: Reuters
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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