Samsung has officially announced Samsung Pay, mobile-centric payment solution with support for Paytm and BHIM as well. The solution will work on Galaxy phones for now, and MasterCard has partnered with Samsung to get this kicking.
We had reported last month that Samsung had rolled out a new update for Galaxy S7/ S7 Edge users in the country, inclusive of features that enable Samsung Pay to run on the phone.
Also Read: Samsung Pay, the BHIM and Paytm Rival, is Coming Soon to India
We’ve seen how the Samsung Pay works in countries like South Korea, with the help of contactless point of sale (POS) terminal points, where items are bought by tapping to the device via near field communication or NFC.
Samsung Pay partners include Axis Bank, HDFC Bank, ICICI Bank, SBI Cards, Standard Chartered Bank and Citibank and payment gateways including Visa, MasterCard and American Express.
To launch Samsung Pay, a user will simply have to swipe up on a compatible phone, select the card, authenticate using a fingerprint or PIN, and bring the phone close to the point of sale (PoS) terminal. Samsung claims that payments through Samsung Pay can be accepted at all places where a physical card will work.
Apart from allowing users to simply tap and ‘pay on the go' using their registered cards, Samsung Pay has integrated digital wallet Paytm as well as the government's Unified Payments Interface (UPI) payment system into its app.
Samsung Pay works with Samsung's patented Magnetic Secure Transmission (MST) technology, as well as with Near Field Communication (NFC).
Samsung will gradually roll-out Samsung Pay support on its Gear S3 smartwatch, which can be used to pay just by moving his/her hand.
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