Smartphone major Samsung this week expanded Samsung Pay, its transaction solution, to the debit cards of State Bank. This will allow users to make transactions in a secure way. Managing Director of State Bank for national banking Rajnish Kumar claimed that out of 35 Crore debit cards of its bank, 27 Crore are active and this service can be accessible by all these users. Samsung Pay is already obtainable on SBI credit cards.
“With this partnership, almost 270 Million SBI debit card users will be allowed to click and pay using a broad range of Samsung handsets at vendor outlets having machines for card acceptance,” the company said to the media in a joint statement.
Samsung Pay operates on 2.5 Million Points of Sale (PoS) card machines all over the country via its radical Magnetic Secure Transmission (MST) tech. For this tech, Samsung has an international patent. Senior VP, mobile business at Samsung India, Asim Warsi, gave this information saying that the J series is the biggest volume grosser in the nation with 25% share in the market.
Samsung Pay is also obtainable on the complete Galaxy range such as the S8+, S8, S7, S7 Edge, S6 Edge+, Note 5, A7, A5, and A9 Pro.
On a similar note, MobiKwik united with Samsung Pay. Under this partnership users will be allowed to make transactions with a single click using selected Samsung smartphones. As part of the joint venture, MobiKwik wallet is now incorporated with Samsung Pay Mini to allow one-click transactions at over 1.4 Million MobiKwik-fueled vendors across the nation. The digital transaction company confirmed this information to the media in a statement. Mobile wallet of MobiKwik will also be accessible soon to Samsung Pay consumers, it further added.
“The potential of digital transactions in India will flourish only by working together with different ecosystem associates to boost acceptance. Almost more than 55 Million consumers and 1.4 Million vendors will have advantage from this joint venture,” Daman Soni, Head of Growth at MobiKwik, said to the media in a statement. There has been a huge development in number of payments utilizing digital platforms in the nation, particularly post the decision of the government to scrap high-denomination currency in November 2016.