Samsung Pay Now Supports SBI Bank Debit Cards

Samsung Pay will now be available on higher variants of SBI Debit Card as SBI and Samsung India have collaborated to enable SBI Debit Card holders to tap and pay using a Samsung smartphone at merchant outlets having card acceptance machines. Samsung Pay is now available on a wide range of Samsung smartphones, enabling consumers to make offline payments without the need for a physical Card. With the support of Samsung Pay, the bank expects a 10- 20 times growth in the volume of payments.

Samsung and SBI made this announcement at an event in Mumbai where SBI claimed to have 130 million customers using their debit cards, as per multiple media reports.

Samsung Pay works on 2.5 million PoS card machines across the country through its magnetic secure transmission (MST) technology.

Also, Samsung Pay consumers holding eligible SBI Debit Cards can avail Rs 100 cashback on minimum transaction amount of Rs 500.

"We are committed to increasing the share of digital initiatives in products, services and transactions".

$1.67 EPS Expected for JM Smucker Co (SJM)On a one to five ratings scale where 1.0 indicates a Strong Buy, 2.0 indicates a Buy, 3.0 a Hold, 4.0 a Sell and 5.0 a Stong Sell. Smucker Company (The) (NYSE: SJM ) by 2.8% during the second quarter, according to its most recent Form 13F filing with the SEC.

"Bank aims to be the Banker to Digital India and has been at the fore-front of all digital initiatives in the banking space".

To drive the adoption of the service, the company has also announced an inaugural cashback offer of up to Rs 500, which will run until August 31.

SBI's credit cards are already on this platform since March 2017.

The extension of Samsung Pay shows that India is actively embracing technological advancements.

In June, Samsung launched Samsung Pay Mini app for its budget mobile phones in India with support for UPI and digital wallets like Paytm and Mobikwik.

Source: Samsung Pay Now Supports SBI Bank Debit Cards

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