The supermarket has been working with Norwich Union and is in talks with other finance houses about other products.The Mail on Sunday said the move will pitch Asda head-to-head with rivals Tesco and Sainsbury.
Sainsbury is set to link up with Carphone Warehouse to offer cut-price calls from fixed line phones.
The Sunday Times noted that the new initiative had following rival Tesco, which is in the process of establishing Tesco Telecom. Carphone Warehouse launched its own Talk Talk offering last month, claiming to cut the cost of landline calls by up to 30%.
Two years ago the company launched Sainsbury's One, now Sainsbury's Mobile, which checks a customer's calls against every standard tariff on Britain's four mobile phone networks and charges the lowest price available.
The paper also said that Icelandic retailer Baugur is preparing a bid for the Big Food Group, owner of the Iceland supermarket chain. The Reykjavik-based firm has been prevented from bidding for six months under City rules, after it acquired 23% of the business last October.
The first UK public trials of new Chip and PIN credit cards begin in Northampton in two weeks time at cash machines and terminals at retailers including Marks and Spencer and Tesco. The Sunday Express reported. that the technology had more than halved fraud in France.