Samsung Electronics has officially announced the launch of its flagship payment service, known as Samsung Pay in India. In an event, which took place in Mumbai, Samsung announced its plans in India with the highly celebrated payment option available in 12 global markets as of today. It was initially launched in June 2015.
In a statement here, Samsung stated that along with an option of paying on the go with the registered cards, the company has also integrated Paytm and UPI (Unified Payments Interface) within the app to give users more options to explore and more ease to pay.
Speaking at the launch event, HC Hong, President CEO – Samsung Southwest Asia said that this launch is an addition to the number of initiatives the company has taken in order to make lives of users easier and to empower them with better and faster technical solutions. He further showed his confidence and added that Samsung Pay will drive the payments market in India and will act as a catalyst in the Digital India campaign. Also, under Make in India initiative, Samsung is committed to launch tailor-made and customized solutions for the Indian market.
Powered by a Axis Bank, Samsung Pay is built on UPI. UPI is a payment interface launched by National Payment Corporation of India and heavily endorsed by the Government of India under its initiatives like Make in India and Digital India. The app works as a peer-to-peer payment system to process payments immediately using UPI. Once the details of the receiver are entered, the money gets credited to the account after authentication.
Talking about security and upcoming features within Samsung Pay, Asim Warsi, Senior Vice-President, Mobile Business, Samsung India stated that the whole payment interface is built on KNOX platform to provide next-gen security. It also used security tokens to authenticate the transaction every time. He further added that fingerprint authentication also makes the procedure more secure.
Samsung Pay has partnered with Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Card and Standard Chartered Bank to provide wide range of payment options and it seems to be adding more partners to the network.
Samsung Pay is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible Samsung latest smartphones. it really works as a card.