Giving a major boost to Government's 'Digital India' initiative, State Bank of India and Samsung India has announced the availability of Samsung Pay for higher variants of SBI Debit Cards.
"Both Samsung and SBI are household names in India, and it is a momentous occasion for us to collaborate on Samsung Pay and extend an innovative solution that is transforming people's lives worldwide. Samsung Pay, with its many 'Make for India' innovations, is revolutionizing the way people carry out their day-to-day payments and transactions," Asim Warsi, Senior Vice President, Mobile Business, Samsung India, said.
"To help more consumers avail of our innovative payment system, we have also introduced Samsung Pay to our mid-segment smartphones like Galaxy J7 Pro. We recently introduced Samsung Pay Mini to cater to the unique requirements of mid-segment consumers too," Warsi further said.
Samsung Pay works on 2.5 million Point of Sale (PoS) Card machines across the country through its Magnetic Secure Transmission (MST) technology and it is currently available on a wide range of Samsung smartphones, enabling consumers to make offline payments without the need for a physical card.
"Bank aims to be the Banker to Digital India and has been at the forefront of all digital initiatives in the banking space. We are committed to increasing the share of digital initiatives in products, services, and transactions, supported by technologically advanced backend operations. The tie-up with Samsung Pay is one such initiative which will give our customers an additional reason to go digital,'' said Rajnish Kumar, MD, National Banking Group SBI.
Samsung Pay consumers holding eligible SBI Debit Cards can avail a flat Rs. 100 cash back on minimum transaction amount of Rs. 500. The cardholder can avail maximum cashback of Rs. 500 per card, during the offer period from August 1 to 31.
With this collaboration, 130 million SBI debit cardholders will be able to tap and pay using a wide range of Samsung smartphones at merchant outlets having card acceptance machines.