After first launching it in South Korea way back in 2015, Samsung is reportedly set to bring its mobile payment and digital wallet, Samsung Pay, to India in the coming year. Samsung Pay allows users to make payments using their compatible smartphones with the help of Near Field Communication (NFC) technology. By far, the service had been available in a number of markets including the US, China, and Australia. However, given the recent shift towards a cashless economy in India, Samsung is now planning to bring the service as soon as the first half of 2017. Also Read - Samsung Galaxy A22 in pictures: A fancy 5G phoneAlso Read - Samsung Galaxy A22 5G review: Looks fancy, runs fast but too pricey
Samsung is currently testing the service for the Indian market. The service is based on a Magnetic Secure Transmission (MST) functionality, which is expected to prove a boon in markets like India where not all PoS devices are equipped with NFC technology. The MST feature allows Samsung Pay to be used at outlets which have the traditional card-swiping method for payments. According to a SamMobile report, the service will be rolled out through Samsung s mid-range smartphones, which could help Samsung gain an instant wide adoption in the country. ALSO READ: How to go cashless with digital wallets as Rs 500, Rs 1,000 currency notes are now banned Also Read - Samsung reveals Galaxy Z Fold 3, Galaxy Z Flip 3 features officially, S Pen support confirmed
Following the demonetization of Rs 1,000 and Rs 500 notes, there has been a surge in adoption of digital payments services and e-wallets. For India, Samsung recently tied up with major Indian banks and introduced its My Money Transfer app with its Tizen-powered Z1 and Z3 smartphones. However, with the Samsung Pay service built-in the smartphone, users will not be required to install a separate app to make digital payments. To use Samsung Pay, users simply need to swipe up at the payment terminal, scan their fingerprint and pay. As the service uses biometric authentication, the payments made are secure. ALSO READ: Demonetization effect: RBI doubles the limit on digital wallets to Rs 20,000 per month
Samsung Pay is touted to be more secure than payments by credit or debit cards. In case PoS devices are bugged, using a physical card poses direct threat to the account privacy. However, with Samsung Pay, the risk is lowered as the card details are stored in the service and every transaction is preceded with biometric authentication or with a specific code input. Merchants accepting Samsung Pay get a substitute 16-digit card number on their device and every time a transaction is to be made, a verification code is generated which is based partially on unique keys on the phone. So in case the payment device is jeopardized and hackers get access to the substitute number, they would still need the actual phone for the verification code.
In the coming year, Samsung is also expected to take the wraps off its anticipated Galaxy S8 smartphone. As is the case with most launches, we could expect the smartphone to soon make its entry in India, along with the speculated Samsung Pay service activated for the Indian market. The Galaxy S8 is also expected to help the South Korea-based smartphone maker to reclaim its lost glory in the smartphone industry owing to the Galaxy Note 7 explosion fiasco. ALSO READ: After Galaxy Note 7 fiasco, Samsung hopes 2017 to be a tremendous brand, confidence rebuilding year