Samsung has finally launched the Samsung Pay in India today after availing it to the users earlier this month who signed up for the early access program.
Samsung Pay is Samsung’s version of Android Pay and Apple Pay. With Samsung Pay, you can make payments using your Samsung smartphone. The payments can be done either through MST (Magnetic Secure Transmission) or NFC (Near Field Communication). As Samsung Pay supports MST transactions, you can use it at PoS terminals which don’t support NFC. The MST technology sends magnetic waves from the Samsung smartphone to emulate the card swipe in the magnetic card reader.
Also, Samsung Pay in India is currently compatible with Galaxy Note5, Galaxy S7, Galaxy S7 edge, Galaxy S6 edge+, Galaxy A7 (2017), Galaxy A5 (2017), Galaxy A7 (2016) and Galaxy A5 (2016). As of now, you need a debit/credit card from Axis Bank, HDFC Bank, ICICI Bank, Standard Chartered Bank or State Bank of India to be able to use Samsung Pay. Cards from American Express and Citi Bank will be supported soon.
Besides, Samsung has also tailored the Samsung Pay to suit the Indian customer’s needs. The service comes with UPI (Unified Payment Interface) integration and also comes with support for PayTM. Samsung has also said that Samsung Pay support for the Gear S3 in India will be rolled out soon. Currently, Samsung Pay on Gear S3 is only supported in the US, Singapore and Australia.
“The adoption of technology has been very fast in India and post-demonetization, digital payments have gained a huge momentum. However, our insights show that convenience, security and acceptance are seen by consumers as the most important influencers when choosing between different digital payment options.” said Mr. Asim Warsi, Senior Vice President, Samsung India Electronics.
“With Samsung Pay, we give our consumers the smartest way to make digital transactions by far. Samsung Pay is highly secure through the signature Knox Platform, fingerprint authentication and tokenization. We have partnered with major banks and payment networks to give our consumers the widest range of choices, and are working on bringing more and more partners on board soon.” Mr. Warsi further added.
Well, now that Samsung Pay is launched in India, we hope Google too will bring Android Pay in the country soon.