Samsung is best known for being a technology manufacturer. Their range spans anything from freezers to smartphones and smartwatches. However, the company also has ambitions in the finance space and has launched a Visa credit card in India.
Samsung Has A Credit Card In India
It is remarkable to see technology giants enter the financial space these days. Numerous big companies, including Apple and Samsung, compete for traction. Although they often need a banking partner to launch products and services, it remains a crucial endeavor. In this instance, Samsung teams up with Axis Bank to launch a new Visa credit card in India.
Samsung South-West Asia CEO Ken Kang explains:
“The Samsung Axis Bank Credit Card, powered by Visa, is our next big India-specific innovation that will change the way our customers buy Samsung products and spend on services through a series of industry-leading features.”
Customers will have two models – Signature and Infinite – at their disposal. What makes the cards appealing is the 10% cashback on all Samsung products and purchases. However, there will be varying limits depending on the card type. In addition, cardholders earn rewards on spending at partner merchants. They can also gain external perks, like access to airport lounges, among other things.
Credit Card Competition In India
There are a few reasons for the popularity of credit cards in India:
- India has a large and growing middle class with more disposable income. That means that more people can afford to use credit cards and make purchases on credit.
- The Indian government has encouraged using credit cards to promote economic growth and development.
- Several large and well-established credit card companies exist in India, including HDFC Bank, ICICI Bank, and SBI Card.
These companies have a vast network of ATMs and branches, and they offer a variety of rewards and perks to their cardholders. However, Samsung has not partnered with any of the big three credit card companies. Instead, it opted for a fintech bank in Axis Bank, which is rather remarkable.