HC Hong, president and CEO of Samsung South West Asia, announced the launch of Samsung Pay in India.
The digital payment app integrates card, wallet, and UPI with fingerprint.
Samsung Pay has also integrated Paytm as well as the government’s Unified Payments Interface into the app.
Samsung has also created a unique digital payment ecosystem by partnering with a number of issuers and card networks including Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Card and Standard Chartered Bank. Citibank India is a forthcoming issuer and its credit cards will be live on Samsung Pay shortly, the company said.
“Thank you very much to the Indian government for making #SamsungPay in India possible,” said Thomas Ko, Global GM, Samsung Pay.
Amithabh Kant, CEO at Niti Aayog called it as “killer app in many ways.”
“It’s not just a revolutionary app, but a killer app in many ways.” Says @amitabhk87 , CEO, @NITIAayog pic.twitter.com/50LQuyki6n
— Samsung Mobile India (@SamsungMobileIN) March 22, 2017
To launch Samsung Pay, a user needs to swipe up on an eligible Samsung Galaxy smartphone, select the card, authenticate using a fingerprint or PIN and bring the phone near the Point of Sale terminal.
Samsung Pay works with Samsung’s patented Magnetic Secure Transmission (MST) technology as well as with Near Field Communication (NFC). Samsung pay will work on a majority of Point of Sale terminals in India.
Samsung Pay comes with 3 levels of security: card tokenization, Samsung’s mobile security platform Knox and Finger print, the company said.
Samsung Pay will also be available on the Samsung Gear S3 Smartwatch shortly, allowing users to pay through their wearable device.
Siddharth Jaiswal
editor@infotechlead.com
