After being up for pre-registrations for past few weeks, Samsung has finally launched its long-awaited payment system, Samsung Pay, in India. The company has integrated digital wallet Paytm as well as the government’s Unified Payments Interface (UPI) into its app.
The brand has partnered with a number of banks and payment gateways including Axis Bank, HDFC Bank, ICICI Bank, SBI Cards, Standard Chartered Bank and Citibank and payment gateways, Visa, MasterCard and American Express. The payment service can be accepted at all places where a physical card will work.
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Samsung Pay works with company’s patented Magnetic Secure Transmission (MST) technology and since a majority of PoS terminals in India are MST enabled, the company says it will work seamlessly with payment service.
For those who are not aware of this service, Samsung Pay is basically a payment platform that allows users to pay for goods and services through a high-end Samsung device instead of swiping a debit or credit card. The payment uses biometric authentication and NFC in order to make a payment.
The Samsung Pay will be available only to its elite smartphone users, which includes Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge+, Galaxy S7, Galaxy S7 Edge, Galaxy Note 5, Galaxy A5 (2016), Galaxy A7 (2016) and Galaxy A7(2017).