South Korean electronics giant Samsung has formally rolled out its digital payment service, Samsung Pay, in India that allows users to pay for anything using their NFC-enabled devices.
Samsung Pay has incorporated Paytm as well as the government of India’s Unified Payments Interface into the app to facilitate cashless transaction in the country.
Now, Paytm users can pay by scanning QR codes securely, generating one-time codes for merchant payments and also do peer to peer money transfers.
In order to create a unique digital payment ecosystem, Samsung has teamed up with various issuers and card networks including Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Cards and Standard Chartered Bank.
Citibank India will soon join the issuer network and its credit cards will be live on Samsung Pay shortly.
Samsung Pay offers three levels of security such as fingerprint authentication, card tokenisation and Samsung’s defence-grade mobile security platform Samsung KNOX.
Additionally, the mobile payment system supports both contactless payment systems and magnetic secure transmission (MST) technology that replicates a card swipe by wirelessly transmitting magnetic waves from the supported Samsung device to a standard card reader.
To use Samsung Pay, a user needs to swipe up on an eligible Samsung Galaxy smartphone, select the card, authenticate using a fingerprint or PIN and tap the smartphone near the POS terminal.
Samsung Pay is currently compatible with Galaxy S7 edge, Galaxy S7, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017) and Galaxy A7 (2017).
Samsung Pay vice president and global general manager Thomas Ko said: “When we launched Samsung Pay, our goal was to enable consumers across the globe to make payments that are simple, secure and accepted almost everywhere.
“Over the past year and a half, this vision has evolved into building a complete digital wallet solution, allowing customers worldwide to not only make payments but also use membership and transit cards, receive deals and rewards and more.”