Samsung’s payment platform isn’t too old in the industry but it’s taking making progress with a speed of lightning. It came to the public in 2015 and since then it has powered a countless number of money transactions. The digital wallet has grown over these years and so is its user base. Consumers have shown trust on Samsung Pay and its technologies. It has currently over 14 million active users worldwide and is available in over 25 countries around the globe.
Samsung Pay is supported by the company’s very own mainstream smartphone. While its user base has grown immensely since its launch, the data shows that it is more popular in its home country South Korea. The Asian country has a huge share of 80% of its simple offline payments. According to the Financial Supervisory Services Samsung has contributed in over $33.7 million in transactions in April 2019, with 25% of transactions coming in the form of online payments.
Samsung Pay uses the high-tech technologies like Near Field communication and Magnetic Secure Transmission to make it work. This has made the service compatible with a wide range of point of purchases since owners can use both the contactless NFC technology and magnetic strip technology which most of the cards use. Samsung is supported on the flagship Galaxy S models as well as on the mid-range Galaxy A and J. The payment processing series is also available on the Tizen OS-powered Samsung wearables like watches. With Samsung Pay you can deposit/withdraw cash from ATMs and it also supports payments for pre-paid and transit cards as well as PayPal.
If you are currently living in India and wants to use Samsung Pay, here is how you can do it.
- To have an Samsung Pay you will need a phone that supports it – Galaxy A70.
- You will see a Samsung Pay app icon on your home screen. Tap on the icon to get started.
- Create an account, if you don’t have a Samsung account. Register with an email address that will be your Samsung ID and create a password.
- Next you will have to register for a payment authentication method. You can use the fingerprint scanner or setup a PIN.
- Add your debit and credit card information. You can add up to 10 cards at time.
- Once you are done, you are ready to start using it.
- For payment, select the card, enter your PIN or fingerprint scan. Place your phone next to the card machine and your payment should be complete.