Samsung Pay has been live in India since March 7th this year, however, Samsung just recently on the 22nd of March held an official event in Delhi to launch Samsung Pay in front of media and its partners. The Launch of Samsung Pay comes in at a time when India is still recovering from crash crunch due to the recent Demonetization of major bank notes. To those unaware, Samsung Pay is Samsung’s answer to the likes of Google Wallet, Apple Pay, etc which have made mobile payments more convenient by adopting latest technologies such as NFC for contactless payments at compatible POS machines.
Samsung takes it a step further as some of its flagship phones feature a more revolutionary technology called MST (Magnetic Secure Transmission) which is compatible with almost every existing POS as it mimics the card swipe by sending Magnetic pulses to the payment machines. At launch, Samsung supports Visa and master Cards from American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Cards and Standard Chartered Bank. Citi Bank is expected to soon join the list according to Samsung.
Samsung has also partnered with popular Mobile wallet service PayTM and integrated the service into Samsung Pay making it much more convenient to process payments for both online as well as offline transactions. Currently, Samsung Pay is supported by Galaxy S7 edge, Galaxy S7, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017) and Galaxy A7 (2017).
Tizen devices such as the Gear S2 and Gear S3 might soon be made compatible for Samsung Pay in India, as they are already updated with the service in other countries where Samsung Pay is supported.
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