This partnership gives Samsung an opportunity to strengthen users’ connection to its integrated ecosystem via Samsung Wallet, while Barclays aims to expand its lending and financial services operations.
According to reports, the official announcement of this card is expected before the end of this year and will be part of a comprehensive financial package that includes a high-yield savings account, a prepaid account, and possibly a “buy now, pay later” service. Through this step, Samsung seeks to emulate the model launched by “Apple” in 2019 with Apple Card, where it aims to provide financial rewards within its digital wallet that can be used directly to purchase the company’s products.
Given the slowdown in the pace of innovation in the world of smartphones, competition between Samsung and Apple is increasingly focused on financial services and integrated systems. If Samsung succeeds in launching its new credit card, we may witness a shift in competition between the two companies from the phone market to the digital wallet, which will directly strengthen users’ connection to each of their services in their daily lives.
