Samsung Pay rumoured to launch in India next year

With demonetisation still affecting the country, the government as well as many banking and financial institutes are aggressively focusing on digital payment systems. Digital wallets like Paytm, Freecharge, Mobikwik and others have also buckled up and are overloaded with users, well at least that’s what they claim. It is surprising to see that we still don’t have digital payment options like Apple Pay or Android Pay and to be honest, the timing couldn’t get any better. Both offer a straightforward digital payment system which makes transactions easier and hassle free. We had earlier reported how the whole currency fiasco is the right time for Apple and Google to capitalise on the situation, but it seems like both the companies will be ousted by Samsung. If reports are to be believed, then Samsung will bring its own digital payment platform, Samsung Pay , to India next year. Just like Apple Pay and Android pay, Samsung’s digital payment system supports contactless payments using near-field communications as well as an electromagnetic transmission system that allows contactless payments to be used on payment terminals that only support magnetic stripe cards. Recently the mobile payments service was launched in Malaysia (in beta). India is said to be the next in queue and could see the new service launch in the first half of 2017. It is said that the service is already being tested in the country. Samsung hasn’t confirmed any info around a launch as of yet. Considering the large consumer base of Samsung products in the country and adding the increase in adoption of digital payments, it could be a profitable move for the company.