Samsung, already a major player in retail through its own branded stores in Australia and it’s own TV advertising offering, is now looking to enter the financial services market with plans to launch its own consumer credit card in partnership with Barclays Bank who already have a presence in Australia.

The South Korean technology giant is reportedly planning to trial a co branded credit card card in the United States early next year, positioning itself directly against arch-rival Apple.

Insiders say the move is designed to deepen customer loyalty to the Samsung brand, much like Apple has achieved through its ecosystem of financial products.

According to internal documents cited by The Wall Street Journal, Samsung is exploring a suite of financial offerings including a high-yield savings account, a digital prepaid account, and a buy-now-pay-later product. These initiatives are intended to drive greater use of Samsung’s digital wallet and create a seamless financial ecosystem within the company’s product universe.

Samsung’s proposed credit card would offer rewards aimed at boosting sales across its portfolio of electronics — from smartphones and TVs to home appliances — while giving the company direct access to a growing base of loyal cardholders.

Partnership With Barclays Bank

Sources indicate that Samsung is in advanced talks with Barclays Bank to issue the co-branded credit card. Barclays, known for its extensive experience in co-branded credit partnerships, views Australia as a key strategic market within the Asia-Pacific region.

If the U.S. pilot proves successful, a local rollout in Australia could follow, leveraging Barclays’ strong presence in the market. The UK-based bank became a foundational investor in Barrenjoey Capital Partners in 2020 and increased its shareholding from 9.9% to 18.2% in 2022, strengthening its foothold in Australian financial services.

In the U.S., Barclays recently lost one of its flagship co-brand deals with American Airlines and is reportedly seeking new partnerships, including in the consumer electronics sector. A formal announcement of the Samsung-Barclays tie-up is expected by the end of the year, although previous target dates have slipped.

Building a Financial Ecosystem

Documents obtained by The Wall Street Journal suggest Samsung envisions a fully integrated financial ecosystem: a Samsung credit card that offers cashback rewards, deposited into a Samsung Cash account and potentially linked to a Samsung savings product.

For Barclays, the partnership would open access to millions of Samsung mobile and electronics customers across multiple countries, including Australia.

Not Samsung’s First Attempt

This isn’t Samsung’s first foray into consumer finance. The company previously explored launching a credit card in 2018 but failed to bring the project to market.

Apple, meanwhile, has seen enormous success with its co-branded credit card, which holds roughly US$20 billion in balances. In July, The Wall Street Journal reported that Apple and JPMorgan Chase were in advanced discussions for JPMorgan to replace Goldman Sachs as the issuer of the Apple Card.

Barclays was reportedly one of several banks that held talks about taking over Apple’s program — but sources claim the bank agreed not to pursue a deal with Apple while it remains under contract with Samsung.