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Samsung, Visa, and Axis Bank launch credit cards

Tuesday 27 September 2022 15:22 CET | News

Samsung has partnered with the India-based Axis Bank and global payments processor Visa to launch Samsung Axis Bank Credit Cards in India.

 

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.

Samsung has partnered with the India-based Axis Bank and global payments processor Visa to launch Samsung Axis Bank Credit Cards in India.

 

Even as the space Samsung is entering is crowded, the opportunity is undoubtably large. Indian banks have issued over a billion debit cards to customers in the country, but fewer than 25 million unique individuals in the nation have a credit card.
Customers will earn rewards for spendings through their cards and get access to deals from local firms, including food delivery service Zomato, fashion ecommerce Myntra, online pharmacy Tata’s 1mg, grocer Bigbasket, and Urban Company.

Why make the move now?

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.

Expanded horizons

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.

Back in February, Theta Labs and Samsung Electronics issued a selection of commemorative NFTs to pre-order buyers of the Galaxy S22 and S8 tablets. Theta wanted to ensure that these NFT holders can access their benefits both in the online and offline space.

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Keywords: credit card, mobile banking, partnership, card scheme, fintech
Categories: Payments & Commerce
Companies: Axis Bank, Samsung, Visa
Countries: India
This article is part of category

Payments & Commerce

Axis Bank

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Samsung

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Visa

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Discover all the Company news on Axis Bank and other articles related to Axis Bank in The Paypers News, Reports, and insights on the payments and fintech industry:
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