Samsung Pay reportedly to launch in India in 2017

Demonetization of high currency notes has led to windfall gains for mobile wallet companies like Paytm, Mobikwik, Freecharge etc and to join the party, Samsung too could soon launch its Samsung Pay wallet services in India.

As per the latest reports from Sammobile, South-Korean tech giant who already enjoys a prime position in the Indian mobile market, is likely to introduce its existing mobile payment platform “Samsung Pay” in the Indian markets in the first half of 2017.

Samsung Pay is a digital payment platform which allows you to use your credit, debit, gift and reward cards to complete payments turning your mobile into your wallet and provides security services similar to banks.

Apparently, Samsung is presently testing the service for the Indian market that is based on a Magnetic Secure Transmission (MST) functionality, which is expected to prove a boon in markets like India where not all PoS devices are equipped with NFC technology.

The report also adds that the service will be rolled out through Samsung’s mid-range smartphones, which could help Samsung gain an instant wide adoption in the country.

Currently, Samsung Pay is only a viable payment option in the U.S. and Korea with the beta version already released in Malaysia and this surely looks like a perfect time for Samsung to enter the Indian market.

Samsung also recently tied up with major Indian banks and introduced its My Money Transfer app with its Tizen-powered Z1 and Z3 smartphones. But with the coming of Samsung Pay service that’s built-in the smartphone, users will not be required to install a separate app to make digital payments. To use Samsung Pay, users simply need to swipe up at the payment terminal, scan their fingerprint and pay.