Samsung Pay app will allow users to make payments using their registered debit or credit cards and in-app digital Wallet Paytm and government's UPI system as well. The company said the introduction of Samsung Pay would help drive the formal economy in India, where now 86 percent of transactions are done in cash.
"Technology is supposed to make life easier, but as the capabilities of machines such as smartphones, PCs, home appliances and IoT devices become more diverse, the interfaces on these devices are becoming too complicated for users to take advantage of many of these functions conveniently", he said. These include: swiping up to launch the service, authenticating via PIN or fingerprint and making payments using your compatible Samsung phone.
"Samsung Pay works with Samsung's patented Magnetic Secure Transmission (MST) technology as well as with Near Field Communication (NFC)".
Samsung Pay launched in its native South Korea back in August 2015, and has since rolled out to the U.S., China, Spain, and a number of other markets across Europe, Asia, and Latin America.
Although Samsung is looking to add more devices in the near (or distant we do not know) future, you can't help but notice that Samsung Pay is very limited in the current scheme of things.
The company is apparently i talks with eight credit card company's in South Korea and seven of them have apparently signed up to the service.
Samsung has taken advantage of demonetisation and in that process has left Android Pay and and Apple Pay behind.
The Samsung Galaxy Note 7 debacle is forcing Samsung to offer promotions on the S8. For most users, especially in rural areas, a VoLTE-enabled feature phone will do since Paytm is also available offline.
Axis Bank users can get up to Rs. 1,000 cashback; HDFC Bank users get 5x reward points on credit cards and 5 percent cashback on debit cards; SBI credit card users get up to Rs. 100 cashback per transaction; Paytm users get up to 100 percent cashback on movie tickets; ICICI Bank users get up to 50 percent cashback on credit and debit card transactions, and Standard Chartered users get up to 20 percent cashback on credit and debit card transactions. The list of compatible devices for Samsung Pay mobile payment solution includes Samsung Galaxy Note5, Samsung Galaxy S7, Samsung Galaxy S7 Edge, Samsung Galaxy S6 Edge+, Samsung Galaxy A7 (2016), and Samsung Galaxy A5 (2016). "While we have Samsung Pay in 12 other countries, this version is particularly made for India", Asim Warsi, Senior Vice President, Mobile Business, Samsung India said. The screen will offer options of cards or accounts to pay from.