During the ongoing festive sale season in India, tech giant Samsung on Monday launched an exclusive co-branded credit card with Axis Bank, which is powered by Visa. Named Samsung Axis Bank Credit Card, the card would let buyers avail of a 10 per cent cashback on Samsung products ranging from smartphones, tablets, laptops, TVs and large appliances such as refrigerators, ACs and washing machines.
According to Samsung, the 10 per cent cashback offer on Samsung Axis Bank Credit Card will be applicable over and above existing offers that the company is already providing, on both EMI and non-EMI transactions.
“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," Ken. Kang, President and CEO, Samsung South-West Asia, said in a statement.
The kind of offer Samsung is providing with its first co-branded credit card is usually offered by e-commerce platforms like Amazon.in and Flipkart during festive sales.
“Axis Bank is a full suite cards and payments player, and we continue to build on innovation-led partnership models. Our focus is to offer product propositions that cater to our customers’ ever-evolving needs and give them a seamless experience. Through this co-branded credit card, in partnership with Samsung India and Visa, we are reiterating our commitment to drive access to formal credit in India,” said Amitabh Chaudhry, MD and CEO, Axis Bank.
The South Korean tech giant sells electronics ranging from smartphones to washing machines in India, but its business is driven by smartphone sales. As much as 72 per cent of its total revenue of $9.3 billion in 2020-21 in the country reportedly came from smartphone sales.