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. Citibank India credit cards will soon go live on Samsung Pay. Until then, though, there's a steady stream of unofficial footage of the devices, the latest of which gives us a very brief glimpse at Samsung's new AI assistant, Bixby, as it will appear on the S8.
In India, most retail shops already have regular PoS machines with magnetic card readers, which are compatible with MST technology, making Samsung Pay particularly suited to the India market, Warsi said. The user selects the card and brings it close to the POS (point of sale) machine.
"Samsung Pay works with Samsung's patented Magnetic Secure Transmission (MST) technology as well as with Near Field Communication (NFC)". 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.
The company has partnered with Visa, MasterCard, American Express, besides Axis Bank, HDFC Bank, ICICI Bank, SBI Card (only credit cards) and Standard Chartered Bank.
The technology allows users to hover their smartphone over a credit card reader to pay with their phone like Samsung Pay now does.
The UPI integration in the Samsung Pay app is now in its beta phase, and will roll out within two weeks, the company says.
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The company is apparently i talks with eight credit card company's in South Korea and seven of them have apparently signed up to the service. You'll have to have a high-end Samsung phone - exceptions being the Galaxy A5 (2016) and the Galaxy A7 (2016) that start at upwards of Rs 20,000 - to make mobile payments using Samsung Pay. Samsung eventually plans to release a software developer kit to enable the creation of third-party applications and services that use Bixby.
For adding Paytm, users will have to add Paytm through Wallet option in Samsung Pay.
"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.
Samsung Pay app registration is a one-time process, and it can be done with your Samsung Account ID and password. The app offers three layers of security which includes fingerprint authentication, card tokenisation and Samsung KNOX. Interestingly, users can make payments using Paytm on Samsung pay irrespective of having the Paytm app on their smartphone.
Disclosure: Paytm's parent company One97 is an investor in Gadgets 360.