Quick Answer
- According to a report, Samsung has partnered with American Express to come up with its payment services called Samsung Pay.
- With the introduction of Samsung Pay in India, the already existing players will face a tough competition.
- Samsung Pay works on Magnetic Secure Transmission (MST) which allows a user to transmit a magnetic signal through its smartphone to the payment terminals’ card reader.
As India is moving to digital transactions, more and more tech giants are introducing their e-wallet and payment services. Now, one of the leading smartphone manufacturers, Samsung is coming up with its payment wallet soon in India. According to a report, Samsung has partnered with American Express to come up with its payment services called Samsung Pay.
Samsung Pay In India
Samsung is also in talks with Visa and Mastercard to get the best possible support for its payment gateway. With the introduction of Samsung Pay in India, the already existing players will face a tough competition. The company has already started the testing of Samsung Pay from December 2016. And Galaxy Note 5 recently got the notification of Samsung Pay app download.
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Samsung Pay works on Magnetic Secure Transmission (MST) which allows a user to transmit a magnetic signal through its smartphone to the payment terminals’ card reader. Samsung has already a customer base in millions, which means, reaching customers for Samsung Pay will be easier.
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Post demonetization, apps like PayTm, Freecharge and MobiKwik have seen a significant increase in their downloads. This has gained the attention of other tech manufacturers and given them a new horizon to explore. Let’s see how the Samsung’s service will take on the existing players, as the company already has a huge customer base to pitch.
