Samsung is planning to launch its Samsung Pay mobile payment service in India, according to reports. A report on Sammobile claims, the company is testing Samsung Pay for the Indian market and the launch could happen in the first half of 2017. Samsung Pay is currently available in US, South Korea, China, Russia and Singapore, among other countries.
Samsung’s main competitor into NFC-style mobile contact payments is Apple Pay, which is still not available in the country. Even Google with its Android Pay has not made any announcement about its entry into the market.
For those who’re not aware, Samsung Pay is Samsung’s own mobile payment solution. It basically lets you store your credit, debit and gift cards in the mobile device, which can be used to pay for any purchase instead of having carry physical cards in your wallet. Samsung Pay has support for both NFC and MST (Magnetic Strip Technology), which not only makes its compatible with NFC-enabled terminals, but also with credit card machines unlike Apple Pay.
The mobile payment solution currently works on Samsung’s premium smartphones: Galaxy S7, Galaxy S7 Edge, Galaxy S6, Galaxy S6 Edge and Galaxy Note 5. That means all premium Galaxy smartphones are compatible to work with Samsung Pay.
Also read: Samsung Pay to launch in US in 2016
However, this might change once Samsung launches its mobile payment service in India. According to Sammobile, the South Korean firm is expected to increase Samsung Pay functionality to mid-end smartphones, which could boost further usage. Let’s not forget that in India the mid-range J series with its more modest budget pricing is one of the biggest volume drivers for Samsung.
India is currently going through a demonetisation wave and the use of mobile wallets like Paytm, Freecharge, Mobikwik, etc has soared, along with other forms of digital payments. Samsung hasn’t announced when it plans to launch its mobile payment service in India. It would be interesting to see how Samsung Pay will be used in India.