Samsung is planning to launch its Samsung Pay mobile payment service in India in the first half of 2017.to bring Samsung Pay service in India, the company has partnered with American Express.also Samsung may be exploring opportunities with giants such as Visa and Master Card as well.
American Express has been one of the partners of Samsung for the E-payment service in USA,South Korea and Australia.elsewhere,Samsung has also partnered with MasterCard and Visa.
Samsung began testing the service in India in December last year.Samsung rolled out an update to the galaxy not 5 smartphone in India which included the Samsung Pay app.
Samsung Pay,which rivals Android Pay and Google Pay,uses NFC-equipped point-of-sale terminals for some of its features.that would have been a hard sell as it would require Samsung to convince merchants across the country to upgrade their existing point-of-sale machines.most of the point-of-sale devices in India don't support NFC.
But the Samsung Pay also support MST i.e.Magnetic Secure Transmission,a technology that allows it to send a magnetic signal from a compatible device to the payment terminal's card reader.this allows the smartphone to mimic a physical card,enabling the vast majority of exiting terminals to support Samsung Pay as well
India is potentially a
big market for the South Korean tech giant and its payment service, but
will be restricted due to just 2.5 million of premium devices Galaxy
S6, Galaxy S7 and Galaxy Note 5 shipped in India. The true growth of
the service may be realised with its introduction to more affordable
handsets.
Samsung earlier this week launched a mobile web payment service in South
Korea for all smartphones that are powered by Android OS. The service
called Samsung Pay Mini will let Android users make online transactions
in S Korea after downloading a dedicated app.
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