Samsung Pay India

This week, Samsung Pay was officially launched in India, expanding the coverage of Samsung’s simple and highly secure mobile payment system in South Asia.  Payments can now be made almost anywhere you can swipe or tap your debit or credit cards in the country.

India’s payment and commerce company, Paytm, and the government’s Unified Payment Interface (UPI) have both been integrated into the Samsung Pay app. This allows users to purchase goods and services using their registered cards.

Samsung also partnered with several unified digital payment card issuers and card networks. Current operators covered are Visa, American Express, MasterCard, Axis Bank, ICICI Bank, HDFC Bank, Standard Chartered Bank and SBI Cards.

Samsung Pay has three stages of security, including; fingerprint authentication, card tokenization and Samsung Knox. Using digital tokenization prevents direct use of registered account numbers since all transactions use a random token. Samsung Knox constantly monitors the phone for vulnerabilities and safely encrypts personal data within a separate, secure vault.

Furthermore, Magnetic Secure Transmission (MST) and Near Field Communication (NFC) technologies are combined in Samsung’s mobile payment system. This confers competitive advantage against other payment systems like Apple Pay. MST works by wirelessly transmitting magnetic waves from supported devices to a standard card reader.

Using Samsung Pay is easily done in just three steps. Users have to swipe up on compatible Galaxy smartphones, select their credit or debit card, authenticate using their fingerprint or PIN and bring the phone near the card reader.

India’s native UPI and Samsung Pay UPI (powered by Axis Bank) provide transfer of funds between the banks and mobile payment system. Additionally, through Paytm account integration, Samsung Pay will allow scanning of QR codes to make payments or transfer funds.

Currently, Samsung Pay is supported on Galaxy S7 Edge, Galaxy S7, Galaxy Note 5, Galaxy S6 Edge+, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017) and Galaxy A7 (2017). Most top smartphones released this year will support Samsung Pay, including the Galaxy S8 to be unveiled soon. The technology will also be supported by the Samsung Gear S3 Smartwatch soon.

Globally, Samsung Pay is available in South Korea, China, Singapore, Thailand, Malaysia, Puerto Rico, Brazil, Russia, Spain, Australia and the US. Samsung hopes to continue improving its trust base and usage to cover even more countries.

Source.

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