Samsung Pay mobile payment services are now live in India and will work on select Samsung mobile phones for now. Samsung Pay will work through Visa, MasterCard, and American Express gateways and currently supports Axis Bank, HDFC Bank, ICICI Bank, SBI Cards and Standard Chartered Bank cards (Citibank cards to be added soon).
The edge Samsung’s mobile payment tech has over others is that MST or Magnetic secure transmission support. This enables you to use Samsung Pay with all ‘card machines’ that accept cards with magnetic strips (and that accounts for almost all terminals in India).
The service also integrates PayTM wallet and UPI wallets for mobile payments and bank account transfers, respectively.
Samsung pay uses three level security as Asim Warsi, Senior Vice President, Mobile Business, Samsung India, highlights in his press statement below.
“Our insights show that convenience, security, and acceptance are seen by consumers as the most important influencers when choosing among different digital payment options.
With Samsung Pay, we give our consumers the smartest way to make digital transactions by far. Samsung Pay 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”
Key Samsung Pay features that you should know about
Phones that you can use for Samsung Pay: Galaxy S7 edge, Galaxy S7, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017) and Galaxy A7 (2017), and upcoming mid-range and high-end Samsung phones.
Wearables that support Samsung Pay: Samsung Gear S3
Cards supported – Axis Bank, HDFC Bank, ICICI Bank, SBI Cards, Standard Chartered Bank, Citibank (Coming soon)
Where Samsung Pay will be accepted – Terminals with NFC support or the ones that allow you to swipe cards with magnetic strip
Is Samsung Pay Secure? – Samsung has integrated a ‘three level security’ system -Fingerprint authentication, Samsung Knox, and Tokenization – that makes it pretty secure.
Others: Samsung pay also integrates Paytm wallet for payments to merchants and UPI for bank transfers.