![]() Samsung reserves the right to make changes to this document and the product described herein, at anytime, without obligation on Samsung to provide notification of such change. All specifications and descriptions provided herein may be different from the actual specifications and descriptions for the product. 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.Supported features might vary by country and device. 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. “At Samsung, we believe in transforming the lives of our consumers through the power of innovation. The company said it will soon start accepting applications from customers for the cards. ![]() The annual fee on Signature card is $6.13 before taxes, whereas the Infinite card levies a charge 10 times that. “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 TechCrunch, requesting anonymity commenting on other company’s products. (Samsung launched its payments service Samsung Pay, powered by UPI, in India in 2017.)Ĭo-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. Chinese giant Xiaomi, which commands the smartphone market in the country, launched a UPI-powered payments service in India in 2019 and started to lend to customers last year. Monday’s announcement underscores smartphone makers’ growing attempt to broaden their services. 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, according to industry estimates. The cards are especially aimed at serving consumers in smaller Indian cities and towns, the executives said.Įven as the space Samsung is entering is crowded, the opportunity is undoubtably large. Samsung, the second largest smartphone vendor in India, said it will also offer customers “exciting” financing options on the credit cards. ![]() The cash back is capped yearly at 10,000 Indian rupees on the Signature card, and 20,000 Indian rupees on Infinite card.) (There is a monthly cap of 2,500 Indian rupees on the Signature card, whereas the Infinite card extends that limit by four times. Consumers buying Samsung’s products and services through either of the cards will get 10% cash back “round the year,” the company executives said at an event in New Delhi. The South Korean giant 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. Samsung has launched two credit cards in India, entering a crowded category that sees more than 50 companies fiercely compete for consumers’ attention in the world’s second largest internet market.
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