Samsung Pay has finally been launched in India. The service was teased by Samsung last month. Early last week, Samsung had started letting users sign up for early access to the service. Users who had signed up back then should be able to set up their Samsung Pay accounts now.
Samsung Pay currently works with debit and credit cards of five major banks in India. Supported banks include Axis, HDFC, ICICI, SBI and Standard Chartered. Both MasterCard as well as VISA cards are supported. The company is also going to add support for Citibank soon. Initial reports suggested that Samsung will be supported American Express. However, there’s no signs of Amex support yet.
A surprise addition to Samsung Pay is Paytm wallet. Given the popularity of Paytm wallet in India, it is a pretty smart move from Samsung.
Samsung Pay is currently supported on the following devices – Galaxy S7, Galaxy S7 Edge, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016) and Galaxy A7 (2016).
what exactly is Samsung Pay?
Samsung Pay is a wireless payment service, allowing you to pay for the purchase of goods and services using your phone. You can load all supported banks’ cards and wallets. The next time you use Samsung Pay, you won’t have to carry your cards to make payments.
Unlike the competition, Samsung Pay supports both NFC and Magnetic Secure Transmission (MST) to authenticate transactions. MST support theoretically means that it should work with most card readers, so Samsung Pay is better off compared to its competition, at least on paper.