In india Samsung has launched new mobile payment service named as "Samsung Pay". Samsung Pay will be available across the flagship Galaxy smartphones for now which includes the samsung mobiles like Galaxy S7, Galaxy S7 edge, Galaxy S6 edge+, Galaxy A7 and Galaxy A5, A7 and Gear S3 will also support Samsung Pay.
Samsung tied up with several banks and also payment gateways in India. The banks are ICICI Bank, HDFC Bank, Standard Chartered, Citi Bank, American Express and recently SBI. Network partners are American Express, Visa, and MasterCard, while Pine Labs is the Acceptance partner for Point of sale. Finally Samsung has also tied up with mobile wallet Paytm for payments, and will be adding UPIs support via Axis Bank in the coming months.From now onwards everything is part of the smartphones. With Samsung Pay, your debit cards, credit cards, mobile wallets will all be in one place.
Samsung Pay started simple and secure way to pay. It works almost everywhere you can swipe or tap your card. So you enjoy all you need only on your Samsung Galaxy devices. Samsung Pay has three levels of authentication:
Card Tokenization and Samsung’s own security feature called Samsung Knox.
Actually it doesn’t really store the actual credit card number, instead with Tokenization a token number is stored as a placeholder by the company.
Samsung Pay will works almost everywhere you can swipe or tap your card, making shopping or dinning easier and more convenient than ever.Samsung Pay uses two methods Near Fields Communication (NFC) and Magnetic Secure Transmission (MST) to make wireless payments. Samsung is the first company to launch a mobile payment service in India. Even there is Exclusive offers on Samsung Pay for shopping and food.