Demonetisation effect: Samsung Pay coming to India early next year?
Synopsis
Post demonetisation announcement, digital and mobile payments have got a huge push in India. Paytm, Mobikwik and several others have been cashing in on the opportunity. Now, news has it that Samsung Pay may be introduced in India early next year.
Digital and mobile payments have got a huge push post demonetisation announcement. The currency ban that led to a chaotic situation among citizens, but had mobile wallet companies laugh their way to the banks. What led to an overnight change has probably also paved way for popular tech companies, who previously seemed hesitant, to introduce their payments systems here.
According to Sam Mobile, who is usually accurate about news related to Samsung, has revealed the company is working to bring its payment service to India. It is currently said to be testing the service and will launch it sometime in the first half of next year, according to the report.
Samsung Pay doesn't just support NFC, but also Magnetic Secure Transmission (MST). The MST support could help it pave its way into the Indian markets as most outlets don't support payments made through NFC. Going by the report, the service will be made available for mid-range phones to give it a further push.
Samsung Pay is already available in several countries including China, Singapore, US, Australia, South Korea, among others.
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