The whole mobile payment solution came with Apple Pay, but Android Pay and Samsung Pay swiftly followed and grew even quickly. While most countries are still being eased into the trend of digital payment solutions, India was forced into it with their demonetization and a massive cash crunch among users.
Making the best out of the situation and furthering their grip on the e-payment solutions out there, Samsung Pay is making its way to India. The South-Korean giant has plans to launch its mobile payment platform in India in the first half of 2017.
In order to take on a massive market of more than a billion potential users, Samsung has partnered up with American Express. Moreover, a spokesperson for the company has also signaled that Samsung could soon reach out the financial superiors like MasterCard and Visa to explore future opportunities.
However, it isn’t a surprise that Samsung chose Amex to take up the mantle, as it has already been the official partner for Samsung Pay in South Korea, the United States, and Australia. The company began testing it service in India back in December and has also rolled out an update for Galaxy Note 5 in India with the Samsung Pay app.
One speed bump on the road for Samsung could be the fact that NFC-equipped point-of-sale terminals are a rare sight in India. However, since Samsung Pay supports MST (Magnetic Secure Transmission), users could use their Galaxy devices to mimic a debit or credit card and use it for transactions at most terminals.
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June 05 2019