Consumers buying Samsung’s products and services through either of the two launched cards will get 10% cash back round the year. Samsung said it will also offer customers new financing options on the credit cards. The cards are especially aimed at serving consumers in smaller Indian cities and towns.
The annual fee on Signature card is USD 6.13 before taxes, whereas the Infinite card levies a charge 10 times that. The company said it will soon start accepting applications from customers for the cards.
The announcement underscores smartphone makers’ growing attempt to broaden their services. Chinese player Xiaomi, which commands the smartphone market in India, launched a UPI-powered payments service in the country in 2019 and started to lend to customers in 2021. Samsung launched its payments service Samsung Pay, powered by UPI, in India in 2017.
As the companies put it, co-branded cards are generally a win-win for the bank, the partner brand and the customers, as it allows power users of a brand to get higher benefits as they spend more with the brand.
The brand gets more loyalty from its users, while the bank benefits by getting access to a different set of customer base with the customer acquisition itself coming from the brand or the brand’s loyalist users.
Samsung has been striving to diversify its portfolio recently, and in August they partnered US-based decentralized video delivery network Theta Network and different South Korean retailers to provide NFT holders more utilities in retail stores.
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