The recent ban on high denominations currency notes led to the cash crunch, which in turn made most Indians depend on the digital mode of transactions to lead their everyday life. This has surely accelerated the entire digital payments infrastructure. State Bank of India in association with Bharat Sanchar Nigam Limited (BSNL) recently introduced a new mobile wallet called the State Bank MobiCash for both smartphone and feature phone users.
After SBI and BSNL jointly launched the MobiCash wallet, Samsung now plans to launch it's mobile payment facility called the Samsung Pay. According to the reports, the South Korean company is currently testing the Samsung Pay mobile payment service in India and is expected to introduce the service by mid next year.
The mobile payment service is expected to come packed with Magnetic Secure Transmission (MST) and NFC support and will work at all outlets that conduct payments through traditional card-swiping method. Samsung Pay is currently available in Australia, Brazil, Canada, China, Russia, Singapore, South Korea, Spain, and the US and is limited to CIBC customers.
Media reports assert that Samsung Pay might prove to be an extremely useful payment option for Indians as the company plans to bring the service to the mid-range smartphones, which in turn would help increase its adoption.
Well, as of now, Samsung has not rolled out any official statement regarding the launch of Samsung Pay service in India. The South Korean company recently delayed the launch of Samsung Pay in the UK from 2016 to 2017 and might do the same in India as well. However, reports also claim that Samsung might launch the Samsung Pay service along with Samsung Galaxy S8.