comscore Samsung Pay: All you need to know about the latest global payment system to enter India

Samsung Pay: All you need to know about the latest global payment system to enter India

We present the finer details about Samsung’s new contactless payment solution.

samsung pay service

Weeks after starting an Early Access program, Samsung today officially announced the launch of Samsung Pay service in India. The service is available through Samsung s standalone Android app, Samsung Pay. The service has been rolled out in India in partnership with several banks and payment service providers like Visa and Mastercard. It also supports wallet apps like Paytm and the government backed UPI apps. If you haven t been up to date with Samsung s new payment service, here s a complete guide on the Samsung Pay app. Also Read - Samsung introduces three automotive chips for seamless 5G connectivity, vehicle infotainment

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In simpler words, Samsung Pay is essentially a contactless payment solution that lets you make payments without physically needing to swipe your debit/credit card at a PoS terminal (card swipe machine).

What technology does it use for contactless payments?

Samsung Pay uses the popular NFC technology for contactless payments at compatible PoS machines. However, the USP of Samsung Pay is that it lets you make payments at the conventional PoS machines as well. To do so, the app uses a proprietary Magnetic Secure Transmission (MST) technology. This allows Samsung Pay to mimic magnetic stripes using electromagnetic field. So this does away with the need of actually swiping the card at the machine.

How to make payment through Samsung Pay?

To begin with you need to create a Samsung Account ID, which is available at the time of registration onto the device. Go to Settings> Accounts > Add Samsung Account. Then download the Samsung Pay app from Google Play store. Set up your profile with required details, which includes your debit/card information like card number and CVV number. You can verify the payment through the fingerprint scanner or a custom Samsung Pay PIN. Do note that your smartphone has to be updated with the latest Android version.

Now that you have set up the Samsung Pay profile, here s an example of how a customer can make the payment through this service. While paying for the bill, the customer needs to open the Samsung Pay app and choose the card from which you want to make the payment. Yes, you can enter multiple debit/credit cards on Samsung Pay.

For a brief period of time, Samsung Pay will emit the electromagnetic waves, allowing the PoS terminal to detect the card. Then the PoS terminal will prompt the merchant to enter the amount. After that, the customer needs to enter their debit/credit PIN for the card he/she had chosen. Once done, the Samsung Pay app on the smartphone will prompt the user/customer to authenticate the transaction through fingerprint scanner or PIN.

For Paytm transactions, customers can make the payment by scanning QR code just like they do for routine Paytm payments. For UPI-based transactions, the process is same as you do on the UPI apps. ALSO READ: How to send and receive money with UPI on iPhone and feature phones without BHIM app

samsung pay image

Where does Samsung Pay work and where it doesn t?

Samsung Pay supports conventional PoS terminal-based transactions. Currently, it does not let you make online payments or withdraw cash from ATMs like it does in Korea. Samsung says it is working to bring all these features to India soon. Some of the new features include barcode based payments and support for value added services.

Does my debit/credit card support Samsung Pay?

Currently, Samsung Pay supports Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Card and Standard Chartered Bank. The list of banks is likely to grow in the future. Next bank to join Samsung Pay is Citibank India.

Does my phone support Samsung Pay?

Samsung Pay is currently available on Galaxy S7 edge, Galaxy S7, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017) and Galaxy A7 (2017). Samsung Pay will also be available on the Samsung Gear S3 Smartwatch shortly, allowing users to pay through their wearable device. There are also speculations that Samsung will bring the service to non-premium smartphones. ALSO READ: Samsung Pay could soon come to budget and mid-range Samsung smartphones

How about some perks?

Mastercard holders will get some exclusive benefits such as cashbacks and loyalty perks when making payments using Samsung Pay at Caf Coffee Day, Barista and Pizza Hut. Paytm is also offering up to Rs 200 cashback on movie tickets.

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  • Published Date: March 22, 2017 7:36 PM IST

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