Samsung today launched a new digital payments service in the country, called Samsung Pay, that hopes to bring debit cards, credit cards and wallets under one umbrella.
Samsung Pay, a service that users of Samsung S7 Edge, S7, S6 Edge Plus, A series 2016 and 2017, and Note 5 users will get via a service update. Samsung Gear S3 users can also use Samsung Pay. It will be available on Visa, Mastercard and Rupay payment cards. ICICI, HDFC, Standard Chartered, SBI, Axis bank cards will be supported, along with Paytm and Amex cards. UPI and CitiBank card support is also expected to become available soon.
“We have partnered with major banks and card networks to give our consumers the widest range of choices, and are working on bringing more and more partners on board soon,” Asim Warsi, Senior VP at Samsung India, said.
For phones, the user can then make a transaction by swiping the pay service from the bottom of the screen. The screen will offer options of cards or accounts to pay from. The user selects the card and brings it close to the POS (point of sale) machine.
Once the merchant has entered the amount for the transaction, the machine connects to the payment gateway and asks the user for the bank/ATM pin. Entering the PIN completes the transaction.
In case of the Gear S3, the user can open the service by swiping up and then selecting the card or account to pay from. Once the selection is made, a ‘pay’ button appears on the screen. Tapping the button and bringing the device close to the POS machine will complete the transaction in the same way as in the case of a phone.
Consumers can use the Gear S3 with any other Android phone to make transactions with Samsung Pay. To add cards to the Gear S3, users need to add them on the Samsung Gear Manager app.
Nearly 90% of all POS machines in India work on magnetic technology for payments with cards. The Samsung Pay service uses a similar technology. The service creates a magnetic field between the POS machine and the phone to replicate a card transaction.
Samsung Pay India launch offers
Exclusive offers for Samsung Pay users were also detailed. Mastercard users would get 20 percent instant discount on Pizza Hut orders, 15 percent instant discount on Barista orders, and discounts on select combos at Cafe Coffee Day.
Axis Bank users can get up to Rs. 1,000 cashback; HDFC Bank users get 5x reward points on credit cards and 5 percent cashback on debit cards; SBI credit card users get up to Rs. 100 cashback per transaction; Paytm users get up to 100 percent cashback on movie tickets; ICICI Bank users get up to 50 percent cashback on credit and debit card transactions, and Standard Chartered users get up to 20 percent cashback on credit and debit card transactions.
Finally, Visa users get complimentary popcorn+beverage combo at INOX Cinemas. Full details of all offers are available on the Samsung Pay India site.