In order to enter the digital payment market, South Korean brand, Samsung came up with Samsung Pay in last December. Taking the next step in the direction of Samsung Pay, the company has started taking early access registration in the country. For now, the Samsung Pay is compatible with Galaxy Note 5, Galaxy S7, Galaxy S7 Edge, Galaxy S6 Edge+, and Galaxy A5.
There is a range of banks which the Samsung Pay app is supporting now. This includes Axis Bank, HDFC, ICICI, SBI and Standard Chartered. In addition to this, American Express and Citibank will be added soon.
How To Sign Up For Samsung Pay?
For signing up, a user needs to head to the official Samsung Pay page and click on Register for Early Access. After this, the user needs to add the Samsung user ID, mobile number, and pin code. After adding the above-mentioned information, the user will receive a confirmation email from Samsung. The email states that “The Early Access Program will be available shortly, details of which will be shared subsequently.”
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The Samsung Pay app was launched in August 2015 which was equipped with Magnetic Secure Transmission (MST) and Near Field Communication (NFC) technologies. Both these technologies helped the users in making contactless payments at PoS terminals. After demonetization, digital wallets have received a tremendous attention from the users and in such a scenario, Samsung Pay might help the company in gaining a significant market share.
Samsung’s digital payment app, Samsung Pay will face competition from Paytm, Jio Money, Freecharge, BHIM and many others. Until Android Play and Apple Pay make their way to India, Samsung has a good opportunity to establish its roots in the digital payment market segment in India.