Samsung, the global electronic giant is planning to launch its Digital Wallet ‘Samsung Pay’ in India next year, according to an unofficial statement. The unofficial news says that the company is testing its mobile payment service to suit Indian market.
Magnetic Secure TransmissionSamsung Pay which was launched last year in Malaysia comes with technologies like Magnetic Secure Transmission (MST) and Near Field Communication (NFC) lets users makes contact less payments at PoS terminals. The MST technology emits a magnetic signal that is same as the magnetic strip used on a credit card and debit card. This signal is just like swiping of a physical card and it works with a conventional card reader. This MST technology makes Samsung Pay to work in almost all conventional payment terminals.
Apple Pay and Android Pay the main competitors of Samsung Pay have not yet launched in India. This is th the right time for the South Korean firm to launch its Mobile wallet in India and grab the Indian mobile wallet market since Samsung without any doubt is the most popular and trusted brand in the country.