Samsung rolls out credit cards in India

samsung credit cards india

Samsung has introduced two credit cards in India, entering a crowded market that sees over 50 companies fiercely compete for consumers’ attention in the world’s second-largest internet market.

The South Korean conglomerate said it will collaborate with the Mumbai-based Axis Bank and global payments processor Visa to launch the cards, which the firm is calling the Samsung Axis Bank Credit Card. Consumers buying Samsung’s products and services through either of the cards will get 10% cash back “round the year,” Samsung’s executives said at an event in New Delhi.

The second largest smartphone vendor in India, Samsung said it will also offer customers exciting financing options on credit cards. The cards are especially aimed at serving consumers in India’s smaller cities and towns.

Even as the sector Samsung is entering is crowded, the opportunity is undoubtedly large. According to industry estimates, Indian banks have issued over a billion debit cards to customers in the nation, but lesser than 25 million unique individuals in the nation have credit cards.

Customers using Samsung’s cards will earn rewards for spending through their cards and get access to deals from local firms, including fashion e-commerce Myntra, food delivery service Zomato, grocer BigBasket, online pharmacy Tata’s 1mg, and Urban Company.