Earlier this month, Samsung launched its Early Access programme for its mobile payment service Samsung Pay in India. Although the mobile platform was accessible only by the users who had signed up for the programme previously, the company has most likely decided to make it available commercially.
The South Korean tech company has sent out invites for an event scheduled for March 22. “Samsung is ready with the NEXT REVOLUTION,” the media invite reads. The invite also cites that Samsung will unveil its “latest innovation”, which is “simple and secure and almost everywhere”.
Samsung Pay supports both NFC (Near Field Communication) and MST (Magnetic Secure Transmission). The mobile payment service can be used at compatible stores having a POS (point of sale) machine, a card reader or a NFC reader. To access the service, a user just needs to open the Samsung Pay app on their device (if compatible), select the card, ‘Swipe up’ to launch the service, authenticate using its fingerprint or PIN and make the payment. As of now, Samsung Pay is compatible with only Samsung Galaxy Note 5, Galaxy S7, Galaxy S7 Edge, Galaxy S6 Edge+, Galaxy A7, and Galaxy A5 (2016).
Essentially, Samsung has merged with a few banks, namely, Axis Bank, HDFC Bank, ICICI Bank, SBI and Standard Chartered for the early access programme. The debit and credit cards of these banks are supported, except for SBI, which will support only credit cards for now. The company will add support for Citibank and American Express soon. The users will be able to pay through Samsung Pay with their PayTM wallet as well.
If Samsung launches its tap to pay services on the said date, it will definitely be ahead in this race – ahead of major competitors like Apple and Google, who have not enabled their tap to pay services in India yet. As of now, ICICI Bank and Axis Bank offer their own NFC based tap and pay services.