To bring Samsung Pay in India, Samsung has partnered with American Express and is mulling over exploring opportunities with giants such as Visa and MasterCard as well. "We're excited to partner an industry leader such as Samsung to provide a digital payment experience that is both simple and secure for cardholders in India", Singh said. There was a sudden growth in the cashless payment starting November. Samsung Pay enables customers to make payments right from their Samsung smartphones.
Although the payment process is very easy, there is still a lot to know about the service which is the first of its kind.
The service essentially allows users to make their cards contactless. To operate it, users have to link their bank account and card with the Samsung Pay app. This eliminates the use of card and keeps your payment information discreet. In the US, Samsung Pay is available on the company's latest Galaxy S smartphones, as well as the Galaxy Note 5. Samsung Note 7 has faced a lot of controversies due to its explosive and faulty battery. Banks and credit providers are not charged yet for transactions and that means its easier to get them on board. You will need to initialize the app by taking a picture of your credit card/debit card using your phone's camera and then pair it with your fingerprint. But analysts have been expecting a more sophisticated AI on Samsung phones since a year ago when the company bought Viv, which was founded by Siri's original creators.
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The platform has three levels of security-fingerprint authentication, card tokenisation and the company's mobile security platform Samsung KNOX. During setup, users can opt for Skip and Use Samsung Pay PIN on the verification method page. So this does away with the need of actually swiping the card at the machine.
Samsung Pay further supports a growing number of services relevant to each local market such as identity cards and barcode payment, with many more value-added services yet to come.
What will UPI integration do? Powered by Axis Bank, the Samsung Pay UPI solution facilitates peer-to-peer transfer of funds between bank accounts on a mobile platform.
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It's a work in progress for now though, and Samsung sees its launch later this month as the start of a long journey. However, if you want to check for it yourself, you can simply go to your Settings menu, and check the About Device System Update section. The app itself is simple and lovely: right on the main screen is a countdown timer, which indicates 6 days and 21 hours or so at the time of this article's publication.
Other partners include PayTm as wallet partners and UPI will soon be adding up to the list.
Samsung Pay aims to become the most secure and future ready platform for Samsung users. Pretty much what you'd expect from a standard flagship smartphone.
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The Samsung Galaxy S8 is set to feature an all-new look, with the company reportedly set to make major changes to its new device. But then I don't own a Samsung device that supports the service, which is a big let down. Although, the company claims that it works with 90% of machines with either MST of NFC support.
Source: Samsung Pay officially launched in India - Know how it works
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