Apart from allowing users to simply tap and ‘pay on the go’ using their registered cards, Samsung Pay has integrated digital wallet Paytm as well as the government’s Unified Payments Interface (UPI) payment system into its app.
“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, told reporters here.
The integration of Samsung Pay with local payments solutions is in line with Samsung’s ‘Make for India’ commitment. Payments through Samsung Pay can be accepted at all places where a physical card will work.
To launch Samsung Pay, a user will just have to swipe up on a compatible phone, select the card, authenticate using a fingerprint or PIN and bring the phone close to the point of sale (PoS) terminal. Samsung Pay works with Samsung’s patented Magnetic Secure Transmission (MST) technology as well as with Near Field Communication (NFC).
With its launch in India, Samsung Pay is now available in 12 global markets, including South Korea, the US, China, Spain, Singapore, Australia, Puerto Rico, Brazil, Russia, Thailand and Malaysia.
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.
“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 said.
“With Samsung Pay, we give our consumers the smartest way to make digital transactions by far,” added Asim Warsi, Senior VP, Mobile Business, Samsung India.
Samsung Pay will also be available on the Samsung Gear S3 smartwatch shortly, allowing users to pay with just the movement of their hand.