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South Korean conglomerate Samsung has introduced Samsung Pay in India, a new UPI and Paytm integrated mobile payment service.
The new service enables Indian customers to make payments using debit/credit cards, Paytm and unified payments interface (UPI). Samsung Pay works with any card swiping/reading machine accepting contactless payments or a traditional swipe and offers three levels of security including fingerprint authentication, card tokenization and monitoring of Samsung KNOX platform. It uses both near field communication (NFC) and magnetic secure transmission (MST) technologies.
Currently, the company is providing the Samsung Pay app service on its Galaxy smartphone range with plans to provide it on Samsung Gear S3 wearable Smartwatches in the near future.
Samsung Pay is currently available in 14 countries worldwide including the US, China, Spain and Australia, India and Sweden. Visa, MasterCard, American Express, HDFC Bank, ICICI Bank, SBI Cards, Axis Bank, and Standard Chartered Bank will act as the network and issue partners for the service.
The Indian mobile payment market is expected to record a CAGR of 108.4% from 2017-2021 to reach US$ 10,09,737 million in transaction value terms by 2021, increasing from US$ 53,521 million in 2017. In 2016, the market registered a growth rate of 133.7% over 2015, to reach US$ 19,844 million.
To know more and gain deeper understanding of mobile payment industry in India, click here.
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