In the advent of Digital India, modes of digital payment have piqued the interest of Indian citizens. Such modes are being pushed to the consumers for their betterment and convenience.
Readily available internet has also helped in fueling the tremendous adoption rate and people have started becoming comfortable with using the digital payment methods.
One of these digital payment methods is Samsung Pay.
What is Samsung Pay?
Samsung Pay is a mobile payment and digital wallet service which allows users to make payments using NFC, MST or e-wallets.
How does it work?
Samsung Pay works on 2 main components, NFC (Near Field Communication) and MST (Magnetic Secure Transmission).
A huge majority of POS (Point of Sale) Terminals in India are devoid of the NFC chip, hence rendering Android Pay, Apple Pay useless until all POS terminals are equipped with NFC chips.
Here’s where MST shines.
What is MST?
MST is a technology which emits a magnetic signal that mimics the magnetic strip of a traditional payment card.
This results in a “virtual” card swipe, allowing you to leave wallet at home and keep your cards in your smartphone.
Is it compatible with my smartphone?
Samsung Pay works on compatible Samsung devices only (like: Samsung Galaxy S8, Samsung Galaxy A5, Samsung Gear S3, etc).
Is it secure?
Yes, it is! Samsung Pay works with three levels of security:
1) Fingerprint Authentication
2) Card Tokenization
3) Samsung KNOX
This ensures your data is not stolen. Also, since your cards are not physically with you, the chances of your cards getting cloned magnetically are next to none.
Does it have any India specific features?
Aiming at India, not only does Samsung Pay support plethora of debit and credit cards, but Paytm and UPI (Unified Payments Interface) as well.
Their selection of card networks and issuer partners include Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Cards, Standard Chartered Bank, etc with more issuers on the way.
How do I access it on my smartphone?
Just swipe up from bottom edge on any screen and voila, Samsung Pay shows up! Once that’s done, just select a card, authenticate via fingerprint or pin and tap your smartphone near the POS terminal.
How do I add cards in it?
Simply take the desired card and Samsung Pay will scan it automatically. Add CVV and then digitally sign the card.
Yes, it’s that simple!
Does it work all the time?
Most of the times, it does work perfectly. Out of all times I’ve used Samsung Pay, it has failed only thrice. That too because the queue behind me was huge and I didn’t want to take more time by trying it again and again till it worked.
When it works, it works like a charm!
Should I use it?
Yes, of course! If you own a compatible Samsung smartphone, you totally should!