Samsung Pay is gradually growing to become a formidable global force to reckon with so far as electronic payment is concerned. Just last week, it extended its services to some Canadian banks and now, India’s fifth largest private sector bank, YES BANK, just signed up. This payment platform allows users to seamlessly pay for goods or services at outlets which have Point of Sale (PoS) terminals. It is a “tap and pay” platform which currently has global recognition. Samsung Pay comes with three levels of security - fingerprint authentication, card tokenization and Samsung’s defence-grade mobile security platform Samsung KNOX thereby making it the most secure and widely accepted payment service.
Note that all Credit Card holders of YES BANK, including the recently launched Business Credit Cards, are eligible to use Samsung Pay so long as they have a compatible Samsung device. There is currently an incentive for YES BANK customers who choose to use Samsung Pay. Customers can get up to INR 1,500 per Card on using their Credit Cards on Samsung Pay till September 30, 2017.
Top representatives of YES BANK, Samsung Pay Business, and Mastercard had their say on this collaboration, Speaking about the launch, Pralay Mondal, Senior Group President – Retail and Business Banking, YES BANK said,
“Through our association with Samsung Pay, we are extending the latest technology and leading services in the payments industry to our YES BANK Credit Card members, and providing them a truly digitized banking experience. Samsung Pay offers customers the convenience of virtually carrying their YES BANK Credit Card wherever they go and use it with the same ease and safety as a physical Credit Card.”
Sanjay Razdan, Director – Samsung Pay Business said,
“Samsung Pay has been designed to be the smartest, secure and most convenient method to make digital payments today. Samsung Pay supports credit & debit cards, wallets and UPI-based transfers, making it the one-stop payments system for all consumer needs. The partnership with YES BANK will enable more consumers to join Samsung Pay platform and go digital. At Samsung, we are committed to Government of India’s initiatives of cashless society and we believe Samsung Pay is a great platform to go cashless.”
Porush Singh, Country Corporate Officer, India, and Division President, South Asia, Mastercard, said,
“It is truly exciting to partner with YES BANK and Samsung Pay to offer a world class payment experience to the Indian consumers through our secure payments technology. With the powerful security features, cardholders can enjoy enhanced shopping experience as they make contactless transactions that are safe, swift and in sync with their lifestyles. It is a further step on the journey towards convenient payments from smart devices, and at Mastercard, we see digital payments being supported from any form of connected smart device in the future.”
Individuals and businesses which strongly patronizes YES BANK are cccurrentlyoncentrated across Mumbai, Delhi, Bengaluru, Chennai, Pune, Kolkata, Chandigarh, Ahmedabad, Hyderabad, Coimbatore, Jalandhar, Ludhiana, Baroda, Nagpur, Nashik and Jaipur.
Samsung Pay works wherever you have Near Field Communication (NFC) or with Samsung’s patented Magnetic Secure Transmission (MST) technology and because MST at PoS terminals is quite common in India, Samsung Pay should work at most of the sales centres you will visit. MST works as an alternative to NFC for card terminals that do not have an active NFC. This allows Samsung Pay to function almost anywhere cards are accepted. Shoppers can securely pay for their purchases using their Samsung smartphone or smartwatch. This payment platform is available to many Samsung Tizen mobiles which are available in the Middle East.
For now, Samsung Pay is supported on the Galaxy Galaxy S8, Galaxy S8 +, Galaxy S7 Edge, Galaxy S7, Galaxy S6 Edge+. Others include the Galaxy S6, S6 Edge (NFC only), Galaxy Note 5, Galaxy A7 (2017), A5 (2017), A3 (2017), Galaxy A7 (2016), A5 (2016), Galaxy J7 (2017) and Galaxy J5 (2017). Samsung Pay is also available on the Tizen running Samsung Gear S2 and Gear S3 Classic and Frontier since April this year. The Smart watches don’t only support contactless payment but can also be used where contactless cards are not supported. Apart from fees that may be charged by partner banks where available, Samsung doesn’t charge anything for the use of the Samsung Pay payment platform.