NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Tuesday, March 7, 2017

Samsung’s mobile payment platform Samsung Pay has finally launched in India. The service was expected to make its debut in India for weeks now. The company on Monday confirmed to Gadgets 360 that mobile payments platform Samsung Pay was open for Early Access registrations in India, via the official Samsung Pay website.

We tested out the new Samsung Pay feature, and it worked. Samsung has confirmed that in its Early Access state, the mobile payment solution is available with select banks including Axis Bank, HDFC Bank, ICICI Bank, SBI, and Standard Chartered. Credit and debit cards of all these banks are supported right now, with the exception of SBI, for which only credit cards are supported. Samsung adds that Samsung Pay will be soon supported by American Express and Citi Bank. Additionally, Samsung Pay payment solution also lets users pay via Paytm wallet.

Samsung Pay supports both NFC and MST (Magnetic Secure Transmission) that allows a user to send a magnetic signal from smartphone to the payment terminal’s card reader. The list of compatible devices for Samsung Pay mobile payment solution includes Samsung Galaxy Note5, Samsung Galaxy S7, Samsung Galaxy S7 Edge, Samsung Galaxy S6 Edge+, Samsung Galaxy A7 (2016), and Samsung Galaxy A5 (2016).