Samsung Pay reportedly launching in India in the first half of 2017

The recent demonetisation of Rs. 500 and Rs. 1000 currency notes in India has led to a huge surge in the business of digital wallet companies like Paytm, Mobikwik and Freecharge. People have started using credit and debit cards more often, in a bid to go cashless and avoid the long queues at the ATMs.

While, digital wallet companies are making most of this situation, it is a bit surprising that we still don’t have digital payment options like Apple Pay or Android Pay in India. However, it seems like Samsung is planning to outperform both by launching its own mobile payments solution, Samsung Pay, soon in India.

According to a report by Sammobile, the company is planning to launch the service in the country in the first half of 2017. The report also notes that the company would bring the functionality to its mid-range smartphones, so that more people would be able to use it.

Samsung Pay uses Magnetic Secure Transmission (MST) technology instead of Near-field communications (NFC). This emits a magnetic signal that mimics the magnetic strip on a credit/debit card. This signal mimics the swiping of a physical card and works with a conventional card reader. As a result, Samsung Pay will allow for payments at all those outlets that offer payments through traditional card-swiping method.

However, there is no official word about the launch of the service from Samsung yet. But, it is said that the service is already being tested in the country. The service was launched a few days ago in Malaysia in its beta form.

Considering the huge consumer base of Samsung and the present scenario of the country, it could be a very good move for Samsung. Stay tuned for more updates!

Featured Image Credit: TrustedReviews

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