Samsung India has officially launched its mobile payment service Samsung Pay in India. A few days back, we also reported when the company was looking for early test users for the service.
For the Samsung Pay, Samsung has partnered with several banks including Axis Bank, HDFC Bank, ICICI Bank, SBI Cards and Standard Chartered Bank cards and payment processing companies including Visa, MasterCard, and American Express.
It also supports Paytm and will support UPI payments to give users more options for payment using Samsung mobile phones.
This service is easy to use with three steps process. Just swipe up on an eligible Galaxy Smartphone to open Samsung Pay and select the card. The authenticate using fingerprint or pin. Now bring the phone near to the PoS machine.
It is available 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). The Good thing is that the service will also be available on Samsung Gear S3 smartwatch.
With Paytm integration, you can use Samsung Pay for scanning QR codes securely and generating one-time codes for merchant payments.
Samsung Pay is secure and does not card data on the device and works on card tokenization. It works on Samsung’s patented Magnetic Secure Transmission (MST) technology and NFC both. MST technology is the key thing that makes Samsung Pay working on existing PoS machines. It replicates a card swipe by wirelessly transmitting magnetic waves from the supporting Samsung phone.
This service is protected by Samsung’s own security platform Samsung KNOX.
As of now, the service is only available in high-end devices, but we can expect it to come for mid-range devices having fingerprint sensor soon. With Samsung Pay, you do not need to take your wallet with you and carry credit cards and cash. You also do not need to change your life style because Samsung Pay works on each store where you could pay using your debit/credit card.
