Early this year, Samsung teased the launch of its mobile payment service ‘Samsung Pay’ in India. Now today, the South Korean giant has officially launched the service for India’s Samsung device users. It has rolled out with support for banks — Axis, HDFC, ICICI, SBI, and Standard Chartered, and credit and debit cards from MasterCard and Visa.
Samsung will adding support for more banks including Citibank and American Express in the coming weeks. Interestingly, users in India can also add their Paytm wallet accounts in the Samsung Pay app. Notably, PayTM is India’s largest fintech startup and mobile wallet with 200 million registered users.
Samsung Pay uses both NFC and MST (magnetic secure transmission) to make wireless payments. All you need to tab the phone to the payment terminal, touch the fingerprint scanner for authentication, and you’re done. There is a support for NFC, but we’re not aware how many places in India will have support for NFC-based payment solutions.
The biggest limitation of Samsung Pay however is the list of the devices that will support Samsung Pay service. As the service is currently available only on — Galaxy Note 5, Galaxy S7, Galaxy S7 edge, Galaxy S6 edge+, Galaxy A7 (2016) and Galaxy A5 (2016). Both the Galaxy A7 (2017) and Galaxy A5 (2017).
This payment service launch by Samsung is indeed a step beyond Apple, which has not yet released its Apple Pay service in India. Speaking on a visit to India last year, CEO Tim Cook said the iPhone maker intends to bring Apple Pay to India but it seems that India is not on priority for Apple as of now as the company is more keen for other Asian countries as Apple Pay has already been rolled out in Hong Kong, France, Singapore and Japan among others.
Samsung is the first company to launch a mobile payment service in India, and by doing this Samsung Pay service has reached total of 13 countries, including China, the U.S. and Korea.
Other than Apple and Samsung, Google is yet another player that offers a mobile payment platform in the form of Android Pay.