Asda is launching its new financial services brand – Asda Money – this week.

The supermarket giant says it is targeting the 18 million people who shop at its 542 stores every week.

The new brand will be promoted in-store across thousands of checkouts nationwide throughout the summer, as well as online via a new website www.asda.com/money.

In addition, is it to become the UK’s first supermarket to launch an unlimited cash back credit card.

“Times are tough and we want to do more for the millions of people that shop at Asda every day,” said Kirsty Ward, head of Asda Money.

“Financial products are important, but they shouldn’t cost the earth and you shouldn’t need to be an expert to buy one. At Asda Money, we’re combining our retail and financial services expertise to provide quality products at prices that save people money every day.

“That’s why we’re launching the first supermarket unlimited cashback credit card. Times have changed and shoppers don’t want complicated points schemes or rewards that don’t translate into real every day savings.”

Meanwhile, Brightside Group, the specialist insurance broker is to manage the Asda Money car and home insurance offering.