Post Demonetization, though e-wallets like Paytm, Freecharge or Mobikwik instantly capitalized on the consequences but India still lags behind when it comes to true digital payment systems. While there is no better time to launch services like Apple Pay or Android Pay, it seems like Samsung is taking over the charts with a new report (from SamMobile) claiming that the South Korean giant might bring ‘Samsung Pay’ to India next year.
For those who don’t know, Samsung Pay offers contactless payment service using NFC (Near-Field Communications) coupled with Electronic Magnetic Transmission system. On the other hand, Apple Pay and Android Pay is literally the same service but from Apple and Google respectively.
Samsung Pay was recently introduced in Malaysia (in beta) and it seems like Samsung is taking the Indian market more seriously than ever. Although there have been no time frame for the release, however, as per the report by SamMobile, the service is already being tested in India and Samsung is expected to launch the service in the first of 2017. As of now, the service is available in Australia, Brazil, Canada (currently limited to CIBC customers), China, Russia, Singapore, South Korea, Spain, and the US.
Moreover, contrary to Samsung’s claims to launch the service in the UK by the year end (2016), the launch now seems to have delayed to 2017. The major reason being difficulty in collaborating with the local banks. Further, we suspect the same to happen when Samsung eventually plans to launch the service in India.