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All You Need To Know About Samsung Pay

On 22nd March 2016, Samsung, launched its digital payment application, Samsung Pay. This move by the Android phone maker comes in the wake of the Digital India movement initiated by Prime Minister Mr. Narendra Modi post demonetization. With the humongous popularity of Samsung smart phones among Indian population, introduction of this new digital payment system might succeed in luring few more people to the cashless bandwagon. Here we give you a lowdown on the new payments app to get you better acquainted with it.
Samsung Pay is a secure and easy to use mobile payment service. With this app brings users can have their debit card or credit card right on their phone screens.
Features of Samsung Pay - The Digital Payment App from Samsung
It is simple to use
Samsung Pay is a convenient payment system which works faster than paying through your actual wallet. This app works using MST (Magnetic Secure Transmission) and NFC (Near Field Communication) technology. The app replicates as your debit or credit card at the PoS terminals and allows you to carry out card transactions. With the Samsung Pay app you may not even be required to carry your debit cards or credit cards. Just fire up the app at the payment terminal, authenticate with your fingerprint or PIN and you would have executed the payment.
It is secure
Samsung pay assures its users utmost security of their card and bank details with several layers of protection. This is done through digital tokenization, fingerprint or PIN authentication, and Samsung KNOX, an enterprise mobile security solution by Samsung. Through these layers of protection, the company claims to provide extensive card and transaction protection which makes it more secure than even physical card transactions. Apparently, the users card details are never stored on the phone and each transaction is carried out through a unique and encrypted digital token.
It can be used almost anywhere
Once the user links their bank account and credit card or debit card to Samsung Pay app, the app will be good to go. This app will work anywhere, subject to the availability of a PoS machine enabled with traditional card swipe feature or contactless payment system ( a system where the card need not be swiped but just waved over the PoS terminal).
In order to make the app useful, Samsung has partnered with various luxury fashion and accessories brands, consumer electronics brands, entertainment brands, food and beverages brands, and even convenience and pharmacy brands. For wallet services, they have partnered with Paytm and soon they will be coming onboard the Unified Payment Interface (UPI) network too for other modes of mobile payments.
Currently in India, Samsung Pay is available exclusively on select Samsung smart phones. Earlier this year, Samsung had started encouraging Samsung smartphone users to sign up for their new digital payment application, Samsung Pay. As of now, only users owning Galaxy Note5, Galaxy S7, Galaxy S7 edge, Galaxy S6 edge+, Galaxy A7 (2017), Galaxy A5 (2017), Galaxy A7 (2016), Galaxy A5 (2016) can use Samsung Pay.
Also, presently Samsung Pay app is not supported every bank. Only certain banks are on board the digital payment app and account holders or credit and debit card holders of only these banks can avail the early access service. These banks include Axis Bank, HDFC Bank, ICICI Bank, Standard Chartered, and SBI. The company is expecting to gain support of Citibank and American Express soon too.
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