Exclusive : Samsung’s mobile payment service ‘Samsung Pay’ now available in India with Paytm and UPI integration.
“Now you’ll have safe and simple mobile payments available virtually anywhere.”
Samsung started teasing Samsung Pay for India several weeks ago which was a big indication that the official launch is not that far off.
Finally, Samsung has launched its mobile payment platform ‘Samsung Pay’ in India.
What is Samsung Pay?
Samsung Pay is a mobile payment platform that allows you to pay simply by waving your Samsung device near a cash register instead of swiping a credit card using near-field communication (NFC) or magnetic secure transmission (MST) to provide contactless, hassle free transactions.
Super simple payments: What do I need?
Unlike the Android pay, Which needs any Android phone with NFC and HCE support, Samsung Pay works only with Samsung Flagship lineup: the Galaxy S7, S7 Edge, S6 Edge+, S6, S6 Edge, S6 Active and Galaxy Note 5. Transactions on NFC-enabled terminals can be done through the Gear S2 smartwatch also.
Samsung Pay uses near-field communication (NFC) technology to process payments at tap-to-pay terminals.
For non-NFC terminals, Samsung Pay uses magnetic secure transmission (MST). The phone emits a magnetic signal that simulates the magnetic strip found on the back of a credit or debit card.
Is Samsung Pay secure?
Taking mobile transactions security a step further, Samsung Pay uses tokenization for transactions and does not store your account or credit card numbers of cards on server or the device itself. And is also, backed by Samsung’s Knox real-time hacking surveillance and rooting prevention.
Each time a purchase is made, the Samsung Pay handset sends two pieces of data to the payment terminal. The first is a 16-digit token that represents the credit or debit card number, while the second piece is a one-time code or cryptogram that’s generated by the phone’s encryption key.
Payments can’t be made from your phone without being authorized via fingerprint or the PIN.
Samsung has partnered with Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Cards and Standard Chartered Bank and will add CitiBank soon also Paytm and UPI integrated.