In a bid to provide local payments solution, Samsung on Wednesday officially launched its mobile payments service, Samsung Pay in India along with Unified Payments Interface (UPI) integration. Samsung Pay app will allow users to make payments using their registered debit or credit cards and in-app digital Wallet Paytm and government’s UPI system as well.
“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,” HC Hong, President and CEO, Samsung Southwest Asia.
Samsung Pay would enable users making payments at all places where debit and credit cards will work. Samsung Pay has been available in several global markets, including South Korea, the US, China, Spain, Singapore, Australia, Puerto Rico, Brazil, Russia, Thailand and Malaysia. Finally, company announced its mobile payments platform in India at a launch event held in NCR this morning. Amitabh Kant, CEO of Niti Ayog was present at the event as chief guest and spoke of Samsung Pay app’s alignment with the company’s ‘Make in India’ initiatives along with other government initiatives such as Digital India and Startup India.
“With Samsung Pay, we give our consumers the smartest way to make digital transactions by far,” added Asim Warsi, Senior Vice President, Mobile Business, Samsung India. He further added, “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 card networks to give our consumers the widest range of choices, and are working on bringing more and more partners on board soon.”
Samsung Pay partners include Axis Bank, HDFC Bank, ICICI Bank, SBI Cards, Standard Chartered Bank and Citibank and payment gateways, Visa, MasterCard and American Express. As our society becomes increasingly reliant on mobile devices in their everyday lives, it is crucial for us to partner like-minded organisations who share the same goal of delivering seamless payment experiences to consumers, merchants and others in the payments ecosystem.,” said Porush Singh, Country Corporate Officer, India, and Division President, South Asia, Mastercard.
Samsung Pay UPI integration is still in its development, though functional. Users would need to created their UPI user id at Samsung’s UPI ID ‘@pingpay’. Once an id is created, user can send and received money.
“Today’s announcement brings us a step forward in the Indian government’s cashless payments roadmap. We’re excited to partner an industry leader such as Samsung to provide a digital payment experience that is both simple and secure for cardholders in India,” Singh added.
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To use Samsung Pay, a user have to swipe up on a compatible phone, choose from the registered cards, authenticate transaction using a fingerprint or PIN and bring the phone close to the point of sale (PoS) terminal. Samsung Pay works with NFC and Samsung’s patented Magnetic Secure Transmission (MST) technology.
A list of Samsung Pay compatible device includes, Samsung Galaxy Note5, Samsung Galaxy S7, Samsung Galaxy S7 Edge, Samsung Galaxy S6 Edge+, Samsung Galaxy A7, and Samsung Galaxy A5. Soon Samsung Pay will be available on the Samsung Gear S3 smartwatch and it would allow users to pay with just the movement of their wrist.
Watch the video below to know more about Samsung Pay: