Samsung Pay is a mobile payment system that is the main competitor for Apple Pay. Your Samsung smartphone can completely replace a bank card if it supports Samsung Pay technology.
Experts predict that this technology has a great future because you don’t need to look for special terminals to pay by phone. You can pay everywhere where contactless cards or magnetic stripe cards are accepted.
Modern Samsung smartphones allow you to pay for purchases the same way you pay with a regular credit card. To do this, you need to add your bank card to the Samsung Pay service on your smartphone. After that, you can pay with your smartphone as well as a contactless credit card. To pay you just need:
- Bring the smartphone to the terminal;
- Put your finger on the fingerprint scanner on your phone or identify yourself in other ways;
- Wait for the operation to complete.
You do not need to ask the seller for a special terminal or notify the seller that you will pay by phone. If the terminal supports contactless payments or magnetic tape, feel free to bring the phone to pay.
Features and Benefits of Samsung Pay
Samsung Pay has a number of features that distinguish it from its competitors:
- Cashback - Samsung has added a cashback feature to its mobile payment service. Consumers will be able to receive additional interest after each purchase made in retail stores partnering with the technology giant. Exclusive offers from retailers will appear in the new Cash Back section.
- Samsung Pay online - you can pay with your Samsung wallet not only in traditional stores but also online. To do this, you do not need to enter bank card details. Just click on the Samsung Pay button (as well as the partner Visa Checkout and Masterpass). Confirmation of payment takes place using a smartphone - using a fingerprint or authorization by e-mail. Own funds or a bank loan can be used for payments.
- Samsung Pay Mini - This wallet allows you to make payments or transfer money directly from your bank account or mobile wallet of a third-party provider (without using bank cards). For example, Indian residents can link their Paytm wallet to their Samsung account. The main difference between the mini-version and the full-fledged wallet is that for payment in the store you need not just attach the phone to the terminal, but scan a QR code or go through authorization by phone number.
- In-app purchases - the Samsung Pay button is built into merchants' applications. By clicking on it, the buyer gets into his wallet to select a card and authorize it with a PIN, fingerprint or scan of the iris.
Samsung Pay features in India
Samsung Service was launched in India in March 2017. In just a few months, the number of active users has reached 2.5 million. Due to such popularity of the service, India came in third in the number of Samsung Pay users.
An important step for Samsung was the signing of an agreement with one of the fastest-growing marketplaces in the country – Paisabazaar, part of the PolicyBazaar group. Now residents of India can get an online loan using this popular platform.
Using Samsung Pay significantly increases the chances of getting a loan in this organization.
Samsung also supports the initiatives of the Government of India to introduce a modern payment system - Universal Payment Interface (UPI). It is a real-time instant payment system developed by the National Payment Corporation of India that simplifies interbank transactions.
Cooperation with the government and the great popularity of Samsung among the inhabitants of the country indicate great prospects for the development of the system in India.