Samsung India today announced that its flagship mobile payments service Samsung Pay will now be available for higher variants of SBI Debit Card, offering 130 million State Bank of India customers an opportunity to tap and pay on the go while using a wide range of Samsung smartphones.
With this partnership, Samsung Pay consumers who have an eligible SBI Debit Card can get a flat cashback of INR 100 on a minimum transaction amount of INR 500. The maximum cashback available will be INR 500 per Card between August 01 and August 31, 2017.
The coming together of Samsung—the world’s biggest smartphones company and SBI—India’s biggest bank offers convenience for millions of consumers and provides a major boost to the Government of India’s Digital India initiative.
“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,” said Mr. Asim Warsi, Senior Vice President, Mobile Business, Samsung India.
The mobile payments service is ‘Simple, Secure and Almost Everywhere’ and works on 2.5 million Point of Sale (PoS) card machines across the country through Samsung Pay’s revolutionary, patented Magnetic Secure Transmission (MST) technology as well as with Near Field Communication (NFC). Since a majority of PoS terminals in India are MST enabled, they will work seamlessly with Samsung Pay.
“Bank aims to be the Banker to Digital India and has been at the fore-front of all digital initiatives in the banking space. We are committed towards increasing the share of digital initiatives in products, services and transactions, supported by technologically advanced backend operations. Tie-up with Samsung Pay is one such initiative which will give our customers an additional reason to go digital,” said Mr. Rajnish Kumar, MD, National Banking Group, SBI.
Samsung Pay is already available on Visa, Mastercard and American Express networks through issuers such as American Express, Axis Bank, Citibank, HDFC Bank, ICICI Bank, SBI Cards and Standard Chartered Bank, enabling consumers to make offline payments without the need for a physical card.
Apart from allowing users in India to simply tap and ‘pay on the go’ using their registered cards, Samsung Pay has integrated digital wallet Paytm as well as the government’s Unified Payments Interface (UPI) into its app. The integration of Samsung Pay with local payments solutions is in line with Samsung’s ‘Make for India’ commitment.
Samsung Galaxy J7 Pro
Considering the increasing demand in the mid segment, Samsung recently offered Samsung Pay on the newly launched Galaxy J7 Pro smartphone. The Galaxy J7 Max gets the Samsung Pay Mini that provides a comprehensive platform for UPI and e-wallets, including Mobikwik and Paytm. Galaxy J series is India’s most popular smartphone series, accounting for one in four smartphones sold in the country.
Samsung Pay is also available on Galaxy S8, Galaxy S8+, Galaxy S7 edge, Galaxy S7, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017), Galaxy A7 (2017) and Galaxy A9 Pro.
Payments through Samsung Pay can be accepted at all places where a physical card will work. To launch Samsung Pay, a user will just have to swipe up on a compatible phone, select the card, authenticate using a fingerprint or PIN and bring the phone close to the PoS terminal. Samsung Pay is a highly secure platform as it works with three levels of security—fingerprint authentication, card tokenization and Samsung’s defense-grade mobile security platform Samsung KNOX.
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