Korean electronics giant Samsung debuted in the payment space on Wednesday by launching Samsung Pay in the country.The payment method incorporates all credit cards and debit cards on Visa, Mastercard, American Express or Rupay, mobile wallets such as Paytm as well as the newly launched UPI.
Users will be able to save several cards on their Samsung Pay app along with linking their Paytm and UPI accounts. To make the transaction, users will have to authenticate using their biometric on the phone and then bring the mobile closer to the Point of Sale (PoS) device for the transaction to go through.
At the launch of Samsung Pay Amitabh Kant, CEO of Niti Aayog said that it is not just a revolutionary app but a "killer" app.
"India has been a cash economy with 86% of the transactions happening through cash. India is a highly informal economy and the challenge is to make it into a formal economy." Kant added that if India has to become a $10 trillion economy, it has to move in that direction and Samsung Pay will aid in the digital movement.
The feature is currently only available on eight mobile devices of Samsung along with the Samsung Gear S3 watch.
Thomas Ko, Vice President and Global Manager, Samsung Pay said, "I have seen for the first time any country going through digital transaction at this pace so this is the perfect place for Samsung Pay."
Samsung Pay works with Magnetic Secure Transmission (MST) technology as well as with Near Field Communication (NFC). Since a majority of PoS terminals in India are MST enabled, they will work seamlessly with Samsung Pay without any upgrade required, the company said.
Asim Warsi, Senior Vice President, Mobile Business, Samsung India said that Pay is simple, secure and will work anywhere. "It uses three levels of security and doesn't store any card information since it uses card tokenisation."
Samsung Pay was first launched in July 2015, and is currently available in 12 global markets, including the US and China.
For the service, Samsung has tied up with Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Cards and Standard Chartered Bank and Citibank India which will be live on Samsung Pay shortly.
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