The South Korean giant, Samsung has launched its mobile payment service, Samsung Pay, in India. It had opened initial access registration on the Samsung Pay website, but now the users are able to access to the service.
As the service is at an initial phase, it is only available with limited banks that includes HDFC Bank, SBI, Axis Bank, and Standard Charted and Credit and Debit cards from Visa and MasterCard.
However, the company is expected to add support for more banks including American Express and Citibank in the upcoming weeks. Users also have an option of adding their Paytm wallet accounts to the Samsung Pay app.
The new service uses both MST (Magnetic Secure Transmission) and NFC to make digital payments. All the user need is to tab the handset to the payment terminal, following by touching the fingerprint scanner for authentication, and it’s done.
Samsung Pay has a support for NFC, but it’s not easy to say how many places in India will have a provision for NFC-based payment solutions.
However, the main limitation of the new service is the list of the devices that supports the Samsung Pay. As of now, it is available on the Galaxy S7, Galaxy Note 5, Galaxy S7 edge, Galaxy A7 (2016), Galaxy S6 edge+ and Galaxy A5 (2016). Both the Galaxy A5 (2017) and Galaxy A7 (2017) will support Samsung Pay.
The South Korean has become the first company to launch a mobile payment service in India.
When Apple CEO Tim Cook visited India last year, he means to launch Apple Pay in the country. But, there has not been any update when will Apple introduce its mobile payment service, Apple Pay, in the country. Apart from Apple and Samsung, Google is another player that offers a mobile payment platform in the form of Android Pay.
Samsung Pay is now live in India
