South Korean giant Samsung has unveiled its Samsung pay App in India after its Early access Programme. Also, it acts as an issuing partner for American Express cards at the early stage of missing. Samsung has collaborated with MasterCard, Visa and American Express who act as gateways. Currently, the mobile payment service supports HDFC Bank, ICICI Bank, SBI, Standard Chartered Bank cards and Axis bank, soon will support Citibank India.
Also, the Samsung Pay service will be rolled out to Samsung S3 smartwatch too. Samsung pay also has Paytm integration besides the tap and pay on registered cards. The Paytm integration allows you to pay by scanning QR codes, generate OTP for peer to peer money transfers and merchant payments.
“With Samsung Pay, we give our consumers the smartest way to make digital transactions by far. Samsung Pay App is highly secure through the signature KNOX Platform, fingerprint authentication, and tokenization. We have partnered with major banks and card networks to give our consumers the widest range of choices, and are working on bringing more and more partners on board soon,” says, Asim Warsi, Senior Vice President of Mobile Business at Samsung India.
Samsung Pay works with Samsung’s original Magnetic Secure Transmission (MST) technology plus Near Field Communication (NFC). MST duplicates a card swipe with wirelessly transmitting magnetic waves from the Samsung device to a standard card reader.
Samsung pay will work seamlessly on a majority of Point of Sale terminals in India through MST. This includes three level security- fingerprint authentication, card tokenization and Samsung KNOX (Samsung’s security platform).
How to make payment using Samsung Pay App:
- Swipe up on an eligible Samsung Galaxy smartphone
- Select the card
- Authenticate using a fingerprint or PIN
- Bring the phone near the Point of Sale terminal