Samsung to launch mobile payment wallet Samsung Pay in India soon

Friday, February 10, 2017

South Korean tech giant Samsung is planning to launch its mobile payment wallet in India in the first half of 2017, media reports said. According to a report in Mashable India, to bring Samsung Pay in India, Samsung has partnered with American Express and is mulling over “exploring opportunities with giants such as Visa and MasterCard as well.” With Samsung Pay’s advent into the country, the domestic e-payment platforms will face a tough competition.

“Samsung began testing the service in India in December 2016. Earlier this week, the South Korean technology company rolled out an update to the Galaxy Note5 smartphone in India which included the Samsung Pay app,” the report noted.

Samsung Pay supports MST (Magnetic Secure Transmission), that allows a user to send a magnetic signal from smartphone to the payment terminal’s card reader.

Source: Financial Express (link opens in a new window)

financial inclusion, mobile finance