Samsung has launched two credit cards in India, entering a crowded category that sees in excess of 50 organizations wildly seek customers’ consideration in the world’s second biggest web market.
The South Korean goliath said it has partnered with the Mumbai-headquartered Axis Bank and global payments processor Visa to launch the cards, which it is calling the Samsung Axis Bank Credit Card. Shoppers purchasing Samsung’s products and services through both of the cards will get 10% cash back “round the year,” the organization executives said at an event in New Delhi.
Samsung, the second biggest cell phone seller in India, said it will likewise offer customers “exciting” financing options on the credit cards. The cards are particularly pointed toward serving customers in more modest Indian cities and towns, the executives said.
Indeed, even as the space Samsung is entering is crowded, the opportunity is undoubtably enormous. Indian banks have issued over a billion debit cards to customers in the nation, yet less than 25 million extraordinary people in the country have a credit card, as per industry estimates.
Clients will earn rewards for spendings through their cards and gain access to deals from local firms, including food delivery service Zomato, fashion e-commerce Myntra, online pharmacy Tata’s 1mg, grocer Bigbasket and Urban Company.
Monday’s declaration highlights cell phone creators’ developing attempt to widen their services. Chinese goliath Xiaomi, which commands the cell phone market in the nation, launched a UPI-powered payments service in India in 2019 and began to loan to clients last year. (Samsung launched its payments service Samsung Pay, powered by UPI, in India in 2017.)
Co-branded cards are generally “a win-win for the bank, the partner brand and the customers” as it permits power clients of a brand to get higher advantages as they enjoy more with the brand.
“The brand gets more loyalty from its users, while the bank obviously 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,” a Bengaluru-based fintech executive told, requesting anonymity commenting on other company’s products.
The annual fee on Signature card is $6.13 before taxes, while the Infinite card imposes a charge 10 times that. The organization said it will soon beginning accepting applications from clients for the cards.
“At Samsung, we believe in transforming the lives of our consumers through the power of innovation. 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. We’re excited to be able to put the control into our consumers’ hands,” said Ken Kang, President and CEO, Samsung South-West Asia, in a statement.
