Samsung is planning to bring its mobile payment wallet, Samsung Pay in India. As reports, earlier suggested Samsung Pay to reach India in the first half of 2017, a new report has claimed Samsung to partner with American Express for the launch.
The report comes from Mashable India that cited Samsung partnership with American Express. As per the report, the South Korean tech company is also exploring opportunities to partner with Mastercard and Visa as well.
With demonetisation causing cash crunch in the country, the mobile payment platforms did saw a surge in the transaction rates in the past few months. However, if the Samsung makes it way in the mobile wallet segment, the domestic mobile payment platforms might have to square alternatives to avoid losing scores in payment service.
Samsung began testing the feature in India starting December 2016. According to Sammobile, the Galaxy Note 5 received an early this week update that brought the Samsung Pay app to the device.
Samsung Pay supports NFC and MST (Magnetic Secure Transmission) that allows a user to send card data to a payment terminal’s swipe slot. Although this feature will help the user to make easy payments, however, Samsung Pay is limited only to the high-end premium smartphones. According to the Counterpoint market research firm, Samsung shipped 2.5 million premium smartphones that include the Galaxy S6, Galaxy S6 Edge, S6 Edge Plus, Galaxy S7, Galaxy S7 and Galaxy Note 5.
The South Korean tech company recently launched a mobile payment service in its country last week. The service called Samsung Pay Mini is available for all the Android smartphones. Pay Mini enables the users to make online transactions in South Korea after downloading a dedicated app.