Post the demonetisation announcement, India saw the popularity of its mobile payment service sector increasing by many folds. While the already existing players in the market jumped to action to cash on the opportunity, several new one came up to get a piece of the pie. And now, it seems, Samsung is all ready to debut itself mobile payment service called Samsung Pay in India very soon.
While the tech biggie hasn’t made an official announcement about the launch yet, but it did drop in some hints recently.
Yesterday, Samsung rolled out the much-awaited Android Nougat update to its Galaxy S7 and S7 edge devices. The users, when turned on their devices after the update was completed, saw a message saying “The future of payments is coming soon!” This signalled that Samsung has something planned for making payments by mobile sleeker than ever in India. At the top of it, the Nougat update also brought the Samsung Pay app to the company’s flagship devices, cementing the earlier signal that said the future of payments is coming soon to India.
Samsung seems to have adopted tease but don’t say anything strategy for launching Samsung Pay in India, and as far we can say and assess, it surely is proving out to be a huge success and has got many people interested in what’s coming.
Samsung Pay has been having a good run in a lot of countries around the world and has acquired a unique status in the global mobile payment service sector. One of the things that makes it stand out from the rest in the market is the fact that it makes use of both Magnetic Secure Transmission (MST) as well as NFC. For the unversed, MST supports supports older magnetic credit card machines as well. Both NFC and MST support makes Samsung Pay compatible with a majority of card readers and hence users will be able to make use of the service in a majority of restaurants, shops, and petrol pumps etc. across the nation.
Keep watching this space to know the exact date when Samsung Pay will hit the Indian market.
[Top Image: cbronline.com]