Samsung Pay was officially launched in India in March this year, making the payment platform barely two months old in the South Asian country. Despite being new, the innovative Samsung Pay has recently won accolades from both customers and industry insiders for its revolutionary technology.
Samsung Pay recently clinched three awards during the Payments and Cards Awards held on June 7 in Mumbai, India. The three awards include; ‘Best Contactless Innovation of the year’, ‘Best Mobile Payments Solution of the year’, and ‘Best Payments Innovation of the year’. The Payments & Cards Summit is a platform for discussion of the current situation, future trends and innovations in payments, cards and mobile markets. The Summit heralds those who are first to innovate, control the market share and make a profit out of the innovation in a competitive industry such as India's.
The award is, no doubt, a reflection of Samsung Pay's rising popularity in India with the payment platform witnessing huge interest among consumers. The interest of customers was spurred by the simple, secure and flexibility of use of the payment platform. Nearly 50% of users of Samsung's latest flagship models have started using the platform. Samsung Pay is supported by the Samsung Galaxy S7 edge, Galaxy S7, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017) and Galaxy A7 (2017). Tizen devices such as the Gear S2 and Gear S3 are also fit to work with the payment method. Samsung last week announced the availability of Samsung Pay on the newly launched mid-range Galaxy J7 Pro. The availability of Samsung Pay on some Galaxy J mid-segment smartphones will boost Digital India, a Government initiative that Samsung is deeply committed to.
The availability of Samsung Pay on some Galaxy J mid-segment smartphones is seen as a boost to the Government's "Digital India" initiative. The fact that Samsung is committed to its "Make for India" philosophy is clearly evident in Samsung Pay, as it is designed to integrate mobile wallets such as Paytm and the government-backed Unified Payments Interface (UPI) n addition to various supported banks. The inclusion of these local payments solutions has increased the reach and appeal of Samsung Pay in India.
Samsung Pay's flexibility is reflected by its integration of Samsung’s patented Magnetic Secure Transmission (MST) technology as well as with Near Field Communication (NFC). This makes the platform well suited for use in India since a majority of PoS (Point of Sale) terminals in India are MST-enabled. Apart from that, the platform is secure as it is integrated with Samsung's Knox defence-grade security system that is designed to keep consumers’ transactions safe.
Samsung Pay's ease of use is just epic, as all that is needed is for the consumers to do is just to swipe up on their compatible Galaxy smartphone, select the card, authenticate using a fingerprint and bring the phone close to a regular card reader.