After the recent demonetization saga, India has been hit by a major cash crunch, this has led to an up-rise in digital payment systems. Back in April 2016, the National Payments Corporation of India’s (NPCI) had launched UPI (Unified Payment Service), however it came to popularity in recent times as an alternative to private digital wallet services. Samsung Pay which went live in India over a month ago, also supports UPI payments, the service is processed through Axis Bank.
This makes Samsung Pay a great platform for users to have access to major payment services by both private and government bodies. Samsung Pay users can make bank to bank transfers using UPI just by selecting the @pingpay address of the receiver from the address book which is identified managed automatically by Samsung Pay. Another benefit of UPI is the ability to transfer money between various banks by just knowing the contact/Aadhar card number of the receiver, doing away from keying in a long list of details such as account number, bank name, iftc code, etc.
Currently Samsung Pay works with Visa and MasterCards distributed by, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI, Citibank and Standard Chartered Bank. The service is currently supported by the following smartphones-Galaxy S8, Galaxy S8+, Galaxy S7 edge, Galaxy S7, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017), Galaxy A7 (2017) and Galaxy A9 Pro. Users of these smartphones can perform seamless contactless transactions at POS terminals which are either NFC enabled or the the regular card-only terminals thanks to Samsung’s patented Magnetic Secure Transmission (MST) technology.