The South Korean tech giant Samsung is expected to announce the official launch of Samsung Pay in the country on Wednesday. The company has sent invitations for the same, where the company says, "Samsung is ready with the NEXT REVOLUTION".
The invites states,"We unveil our latest innovation, one which is simple and secure and almost everywhere".
"The company has already opened the registrations for early access to Samsung Pay in India but there wasn't any official announcement by them," industry sources told Gizbot. Now, on Wednesday, Samsung is going to announce the same.
Samsung Pay supports both Magnetic Secure Transmission (MST) and Near Field Communication (NFC) which allows a user to send a magnetic signal from the smartphone to the payment terminal's card reader.
For early access, the company has tied up with banks like Axis Bank, HDFC Bank, SBI, and Standard Charted and credit and debit cards from MasterCard and Visa.
Meanwhile, the company is also planning to add more banks like from Citibank and American Express as well soon.
Samsung Pay can be accepted at all places where your physical card will work and you just need to open the Samsung Pay app on the compatible phone, select the card, authenticate using a fingerprint or PIN and bring the phone close to the PoS terminal. Samsung's MST or NFC technology will send signals to the PoS machine to complete the transaction.
Currently, Samsung Pay only supports only a few devices i.e Galaxy Note5, Galaxy S7, Galaxy S7 edge, Galaxy S6 edge+, Galaxy A7 (2017), Galaxy A5 (2017), Galaxy A7 (2016), and Galaxy A5 (2016).
"Samsung Pay is different from Apple Pay as it uses NFC as well as MST, whereas the latter uses only NFC to make wireless transactions . The reach of Samsung Pay will be to over 95 percent of all PoS machines in the country," sources added.