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Andrew Bonwick
Vice President of Product Development at Relm Insurance
Madhav Sheth
CEO of Ai+ Smartphone
Stephen Rose
CEO Render Networks
After running its Samsung Pay service in other countries, Samsung is finally gearing up to launch the service in India. Samsung Pay is a payment service that saves your credit/debit details and lets you make payments by swiping or tapping. Users can also secure the payment service with a fingerprint, all you gotta do is open the app, select the amount and hover over the phone on the card reader to pay. It is a safe payment method — your purchases remains intact and could be viewed just by you.
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Reportedly, Samsung is going to partner with American Express to launch its service in India by the first half of this year. Mashable India writes that Samsung is also “exploring opportunities with giants such as Visa and MasterCard as well.”
Samsung Pay supports both NFC and MST (Magnetic Secure Transmission), which means that the service also works for card readers at payment terminals by sending a magnetic signal via smartphone. However, the service could only work with high-end Samsung devices.
It goes without saying that Samsung Pay would rival some of the biggest wallet pay services such as PayTM. Especially when even flagship-level Samsung smartphones are widely used in the country. As per market research firm – Counterpoint, Samsung boasts more than 2.5 million Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge Plus, Galaxy S7, Galaxy S7 Edge, and the Galaxy Note 5 customers in India. These are the phones that are supported by Samsung Pay.
