The Korean electronics giant Samsung has launched its new digital payment service called "Samsung Pay" in the country on Wednesday as India shifts to newer payment methods after the government’s demonetisation exercise. Each n every company is trying to play a part in moving our country in the field of digital payment, so this time the tech giant and one of the biggest mobile manufacturer company of this world, if not the biggest have come up with their contribution in the field of digital payment system in form of Samsung Pay App.
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Source: Google Images |
Let us get into the details, what Samsung Pay is and how does it work:
What is Samsung Pay:
To start with the working of the launched application, the first thing that as a User we have to know is that, what actually Samsung Pay is and which are the mobile phones that are currently supporting this payment application.
The Samsung Pay is a secure and easy to use mobile payment service available exclusively on selected Samsung Galaxy smartphones Samsung Galaxy Note5, Samsung Galaxy S7, Samsung Galaxy S7 Edge, Samsung Galaxy S6 Edge+, Samsung Galaxy A7 (2016) (2017) and Samsung Galaxy A5 (2016) (2017) and coming soon on Gear S3. As we can see currently the app is only available for some of the Samsung phones and mainly high range phone, let us hope and believe that this app will be made available for Samsung budget range phone as well.
How Samsung Pay Works:
As we can see that right now only some of the smartphones from Samsung are supporting this application, so the user of the above-mentioned smartphones first need to update their software and once updating their software of the phone, they will be able to download this Samsung Pay application on their phones. The next thing they need to do is to store information regarding their credit and debit cards on Samsung Pay application, so in future, they can directly use this application for making an online transaction rather than taking out cards and doing swiping and all for making any kind of transaction.
The Samsung Pay mobile payment service supports Magnetic Secure Transmission (MST) and Near Field Communication (NFC) technologies. It replicates physical cards like debit or credit cards to make payments on card terminals and therefore does not require internet services but can work offline and can be used just like credit or debit cards to make the payment.
Samsung Pay also eliminates the need to enter user’s confidential account information such as CVV code, debit card, and credit card pin. With Samsung Pay, the mobile payment is authenticated using fingerprint or a 4-digit PIN entered on the Samsung Pay App.It supports tap & pay and the swipe up feature.All transactions use a random token instead of the card number, which means the actual card information isn’t shared while paying and details stay safe. Samsung Knox has been given the task of maintaining the security of your account and cards information, Even if the phone is compromised, card information is still safely encrypted within a separate and secure data vault.
Currently, the Samsung Pay app supports credit and debit cards of Axis Bank, HDFC Bank, ICICI Bank and Standard Chartered Bank. For State Bank of India, only the credit cards are supported while the support for debit cards will be added sometime in the near future. Support for American Express and Citibank will be added soon, according to the official Samsung Pay website. UPI support will be added to the Samsung Pay App very soon.
Samsung Pay also allows integration of other e-wallet services and currently Paytm is the only supported e-wallet service.
An official video uploaded by Samsung Mobile India on YouTube about Samsung Pay is here:
The Samsung Pay is a secure and easy to use mobile payment service available exclusively on selected Samsung Galaxy smartphones Samsung Galaxy Note5, Samsung Galaxy S7, Samsung Galaxy S7 Edge, Samsung Galaxy S6 Edge+, Samsung Galaxy A7 (2016) (2017) and Samsung Galaxy A5 (2016) (2017) and coming soon on Gear S3. As we can see currently the app is only available for some of the Samsung phones and mainly high range phone, let us hope and believe that this app will be made available for Samsung budget range phone as well.
How Samsung Pay Works:
As we can see that right now only some of the smartphones from Samsung are supporting this application, so the user of the above-mentioned smartphones first need to update their software and once updating their software of the phone, they will be able to download this Samsung Pay application on their phones. The next thing they need to do is to store information regarding their credit and debit cards on Samsung Pay application, so in future, they can directly use this application for making an online transaction rather than taking out cards and doing swiping and all for making any kind of transaction.
The Samsung Pay mobile payment service supports Magnetic Secure Transmission (MST) and Near Field Communication (NFC) technologies. It replicates physical cards like debit or credit cards to make payments on card terminals and therefore does not require internet services but can work offline and can be used just like credit or debit cards to make the payment.
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Image Source: Samsung |
Samsung Pay also eliminates the need to enter user’s confidential account information such as CVV code, debit card, and credit card pin. With Samsung Pay, the mobile payment is authenticated using fingerprint or a 4-digit PIN entered on the Samsung Pay App.It supports tap & pay and the swipe up feature.All transactions use a random token instead of the card number, which means the actual card information isn’t shared while paying and details stay safe. Samsung Knox has been given the task of maintaining the security of your account and cards information, Even if the phone is compromised, card information is still safely encrypted within a separate and secure data vault.
The user can make the payment by tapping the smartphone on the NFC-enabled Point-of-Sale machine, authenticating the transaction through fingerprint scanner and it is done. With other cards terminal that does not support NFC feature, the payment can be made using MST technology the technology that emits a magnetic signal that mimics the magnetic strip on a traditional payment card and thus is convenient to use everywhere.It is believed that MST is much more secure than the NFC technology.
Banks that are supported by the Samsung Pay App:
Samsung Pay also allows integration of other e-wallet services and currently Paytm is the only supported e-wallet service.
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Image Source: Samsung |
Source Of Information:
http://www.samsung.com/in/samsung-pay/?cid=in_ppc_google_hhp-samsung-s-pay-brand-bmm-samsung-pay_20170322
http://www.business-standard.com/article/technology/samsung-pay-digital-payment-app-launched-in-india-know-how-it-works-117032200284_1.html
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