Samsung launches digital payment platform

New Delhi:Samsung has launched its mobile payments service, Samsung Pay, in India as it looks to gain from the rapidly-evolving digital payments business in the country.

Samsung Pay helps a consumer make payments at various retail locations by using select devices of the company, which facilitate the transactions by making use of the previously-selected credit or debit cards or mobile wallets.

"We have partnered with major banks and card networks to give our consumers the widest range of choices, and are working on bringing more and more partners on board soon," Asim Warsi, Senior VP at Samsung India, said.

The card network and issuer partners for Samsung Pay includes Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Card and Standard Chartered Bank. Also, it can be integrated with Paytm as well as the government's Unified Payments Interface.

To launch Samsung Pay, a user needs to swipe up on an eligible Samsung Galaxy smartphone, select the card, authenticate using a fingerprint or PIN and bring the phone near the Point of Sale terminal.

However, the interface is limited to a select phone range of Samsung and these include high-end devices such as Galaxy S7; Note 5; S6 edge+ and A5 and A7.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.