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Tuesday, February 7, 2023

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Good news! Samsung cashback card is coming

With the holiday season in India underway, Samsung launched a new credit card with India’s Axis Bank to offer 10% cash back throughout the year.

Samsung Electronics is targeting repeat business from its 175 million customers in India via a new cash back credit card, a senior executive said, a move to boost sales in the critical market where it was once the top smartphone seller.

With the holiday season approaching in India, the South Korean electronics giant launched a new credit card with India’s Axis Bank on Monday to offer 10% cash back all year round to customers who buy Samsung products.

Such discount offers are usually available on e-commerce websites such as Amazon. com Inc and other physical stores only during the holidays or during the sale.

“We’re talking about 175 million existing consumers, our current installed base for Samsung in India. This whole base is a potential,” Raju Pullan, Samsung’s senior vice president for its mobile operations in India, told Reuters.

Samsung, which claims to be the largest consumer electronics company in India, sells everything from smartphones to washing machines in the country. But nearly 72% of India’s total $9.3 billion revenue in 2020-21 came from smartphones.

Samsung’s move to offer customers cashbacks through its new card partnership comes after it lost market share for smartphones over time to Chinese rivals such as Xiaomi, Oppo and Vivo, which offer many cheap smartphones in the second largest mobile market. in the world.

In Q2 2020, Samsung had a 26% share of the smartphone market in India, which currently stands at 19%, data from Counterpoint Research shows.

“Samsung is aggressive on financing. Financial support plays an important role in helping people make decisions about smartphone purchases,” said Counterpoint analyst Tarun Pathak.

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