Samsung Introduces Axis Bank Credit Card

South Korean technology company Samsung has introduced two credit cards in India, joining a crowded market where more than 50 companies are vying for customers' attention.

In introducing the card which it has dubbed the Samsung Axis Bank Credit Card, the South Korean firm said it teamed up with the Mumbai-based Axis Bank and Visa, a leading worldwide payment processor.

The company executives announced this at an event in New Delhi.

Customers who use either of the cards to purchase Samsung goods and services will receive a 10% cashback "round the year."

The Signature card has a monthly cap of 2,500 Indian rupees ($31), while the Infinite card has a four-fold increase in that cap. Annual caps are placed on the cashback.

Samsung disclosed that it would also provide "interesting" financing alternatives for credit cards.

The executives added that the cards are specifically intended to serve customers in smaller Indian cities and towns.

Less than 25 million unique people in India hold credit cards, according to industry estimates, despite the fact that Indian banks have issued more than a billion debit cards to consumers in the country.

Customers will receive points for using their cards to make purchases and will have access to promotions from regional businesses such as Urban Company, Myntra, Tata's 1mg, Bigbasket, and Zomato, which provides food delivery services.