Samsung India declared its first ever credit card in India on Monday 26 September 2022. Samsung partnered with Axis Bank and visa to launch this credit card that will offer the users a 10 percent cashback on all Samsung products and services around the year.
It has entered a crowded category that sees about 50 firms compete for users’ attention in the world’s second-largest internet market.
“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,” said Ken Kang, President and CEO, Samsung South-West Asia.
Source: siasat.com
The South Korean tech giant, Samsung partnered with Axis Bank headquartered in Mumbai, and Global payments processor Visa to launch the cards known by the name ‘Samsung Axis Bank Credit Card’.
There is a monthly cap of 2500 INR (roughly $31) on the signature card. However, the infinite card extends that limit by four times.
The cashback is capped at 10,000 INR ($123) yearly on the signature card and 20,000 INR (about $246) on the infinite card.
The second largest smartphone seller in India, Samsung, has claimed that it will provide its customers with exciting financing options on credit cards. These cards are especially aimed at serving users in smaller Indian cities and towns.
Even if the space that Samsung is entering is really crowded and narrow but the opportunity here is undoubtedly large. According to industry estimates, Indian banks have issued about a billion debit cards to customers in the country but only fewer than 25 million unique individuals in the nation have a credit card.
Users will receive rewards on their spending through their cards and get access to deals from local companies such as food delivery platform Zomato, fashion e-commerce Myntra, grocer Bigbasket, online pharmacy Tata’s 1 mg, and Urban Company.
The announcement made on Monday underscores smartphone makers growing attempt to expand their services. Chinese giant, Xiaomi, which dominates the smartphone market in the country, rolled out a payment service powered by UPI in India in 2019 and started to lend customers last year.
Co-branded cards are generally beneficial for both the partner brand and the customers as it enables power users of a brand to get higher benefits as they spend more time with the brand.
“We realize that 70 percent of consumers are upgrading their devices within 12 months of purchase in the country. This co-branded credit card will help them save their hard-earned money while enjoying new devices with this industry-first offering,” Raju Pullan, Senior Vice President, Mobile Business, Samsung India, told IANS.
“The card is RBI-complaint and meets all the latest requirements of the central bank, including on tokenisation. The consumer electronics and technology space is open for disruption and we are the first, along with Samsung, to distrust this space,” Sanjeev Moghe, President and Head, Cards and Payments at Axis Bank, told IANS.
Source: siasat.com
On the signature card, the annual fee is $6.13 before taxes. However, the infinite card levies a charge by 10 times the current value. The firm claims that it will soon begin accepting applications from customers for the card.
The card also provides complimentary airport lounge access, dining offers, a fuel surcharge waiver, and access to a bundle of offers from Axis Bank and Visa.
MD and chief executive officer of Axis Bank, Amitabh Choudhary, said that their main focus is to provide product prepositions and cares for the customers’ evolving needs and offer them a seamless experience.
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