Samsung Electronics has launched today its flagship mobile payments service in India, Samsung Pay. This service is currently availabe on Galaxy S7 edge, Galaxy S7, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017) and Galaxy A7 (2017) smartphones and will also be available on the Samsung Gear S3 Smartwatch shortly, allowing users to pay through their wearable device.
Samsung has created a unique digital payment ecosystem by partnering with a number of issuers and card networks which include Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Card and Standard Chartered Bank. Citibank India is a forthcoming issuer and its credit cards will be live on Samsung Pay shortly. Samsung Pay has integrated Paytm as well as the government’s Unified Payments Interface also into the app.
Samsung Pay is very simple to use and you are required to upload your acceptable credit or debit card on your Samsung smartphone mentioned above. Once, your card is added in Samsung Pay app, you need to swipe up on an eligible Samsung Galaxy smartphone, select the card, authenticate using a fingerprint or PIN and bring the phone near the Point of Sale terminal.
Samsung Pay is claimed to be a highly secured platform as it works with three levels of security—fingerprint authentication, card tokenization and Samsung’s defense-grade mobile security platform Samsung KNOX.
Samsung Pay works with Samsung’s patented Magnetic Secure Transmission (MST) technology as well as with Near Field Communication (NFC). MST replicates a card swipe by wirelessly transmitting magnetic waves from the supported Samsung device to a standard card reader. Through MST, Samsung pay will work seamlessly on a majority of Point of Sale terminals in India.
Samsung Pay also allows Indian consumers to integrate their Paytm accounts into Samsung Pay, enabling them to pay by scanning QR codes securely, generating one-time codes for merchant payments and also do peer to peer money transfers.
Mr. HC Hong, President and CEO, Samsung Southwest Asia, said, “Samsung Pay is an example of how we continue to push the boundaries of innovations to make life simpler and better for consumers. I am confident Samsung Pay will redefine digital payments and contribute to Digital India.”
Since its launch in July 2015, Samsung Pay has rapidly expanded its service by supporting additional value-added features in multiple markets worldwide. With its launch in India, Samsung Pay is fully available in 12 global markets, including South Korea, the US, China, Spain, Singapore, Australia, Puerto Rico, Brazil, Russia, Thailand and Malaysia.
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