Samsung Pay partners American Express, launching in India soon

Though we all know that South Korean tech giant Samsung is gearing up to launch its mobile payment wallet in India this year, but as per a recent report in Mashable India, the company has already partnered with American Express for the same and is mulling over "exploring opportunities with giants such as Visa and MasterCard as well."

Samsung Pay entry into the country will add new competition to the hot e-payment market in India. "Samsung began testing the service in India in December 2016. Earlier this week, the South Korean technology company rolled out an update to the Galaxy Note5 smartphone in India which included the Samsung Pay app," the report noted.

Samsung Pay supports MST (Magnetic Secure Transmission) that allows a user to send a magnetic signal from smartphone to the payment terminal's card reader. But there is a drawback. Samsung Pay works only with high-end premium Samsung smartphones that limits its reach to a great extent.

Samsung reportedly has over 2.5 million Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge Plus, Galaxy S7, Galaxy S7 Edge, and Galaxy Note5 (the smartphones that support Pay) customers in India which should

Post-demonetization, mobile wallet companies, have experienced windfall gains in the number of transactions and downloads and Samsung too is trying to encash this digital phenomenon.