The complete guide to Samsung Pay in the UK
- Author: Carolyn Briggs Mar 29, 2017,
Mar 29, 2017, 0:09
Samsung Pay helps a consumer make payments at various retail locations by using select devices of the company, which facilitate the transactions by making use of the previously-selected credit or debit cards or mobile wallets.
Almost 90% of all POS machines in India work on magnetic technology for payments with cards. "Through MST, Samsung Pay works seamlessly on 95 per cent of PoS terminals in India", Warsi said.
Samsung said in Korea alone, over 2 trillion won ($1.76 billion) was processed by Samsung Pay in its first year, 25% of which came from online payments. The Samsung Pay service now comes integrated with Unified Payments System (UPI) service, which is touted as the next big thing in the payments system in India.
Since the Samsung Pay is not exactly a cross-platform feature one needs to own a Samsung device.
Samsung Pay will also be available on the Samsung Gear S3 Smartwatch shortly, allowing users to pay through their wearable device. India will be the 13th country in the world that the payment system can be used in. "We will try to give more benefits to consumers through LG Pay", said Kim Hong-joo, head of LG Electronics' mobile communications product planning unit. This is possible because LG has reached an agreement with US -based Dynamics Inc.to make use of its Wireless Magnetic Communication technology.
The Samsung Pay will be available only to its elite smartphone users, which includes Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge+, Galaxy S7, Galaxy S7 Edge, Galaxy Note 5, Galaxy A5 (2016), Galaxy A7 (2016) and Galaxy A7 (2017).
Which devices and banks support Samsung Pay? The service will only be available in Korea and the company has no immediate plan to launch it in the global market. The platform is expected to add support for Citibank and American Express soon.