Samsung announced the launch of its mobile payment service, Samsung Pay in India. The mobile payment service can be used like a normal debit or credit card to make payments and purchases at all the places where you previously used the plastic money.
Samsung has integrated Paytm and UPI in the Samsung Pay app to increase the reach of the app along with providing additional options to users.
Samsung Pay is currently limited to Galaxy S7 edge, Galaxy S7, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017) and Galaxy A7 (2017). In addition to smartphones, the service and app will come to Samsung Gear S3 Smartwatch, allowing users to pay using their smartwatches.
Samsung Electronics has not limited their reach to Paytm and UPI as they have teamed up with prominent members from the digital payment ecosystem to expand their reach to conventional financial market. One important thing to note is that this payment ecosystem includes members like Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI and Standard Chartered Bank. CitiBank will be the next bank to add support for Samsung Pay options.
Samsung explained that to secure the transaction, the company has added three layers of security ranging from fingerprint authentication, card tokenisation and Samsung KNOX, the defence grade mobile security platform, Samsung KNOX.
To get started, the user needs to swipe the Galaxy smartphone select the card and authenticate it using the fingerprint or PIN and bring it near the point of sale terminal. The system works with MST (Magnetic Secure Transmission) as well as with Near Field Communication (NFC).
“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,” adds HC Hony, President and the CEO for Samsung Southwest during the launch event.
Thomas Ko, the VP and Global Manager for Samsung Pay adds that "When we launched Samsung Pay, our goal was to enable consumers across the globe to make payments that are simple, secure and accepted almost everywhere."
Published Date: Mar 22, 2017 03:10 pm | Updated Date: Mar 22, 2017 03:10 pm