State Bank of India and Samsung India today announced the availability of Samsung Pay for higher variants of SBI Debit Card. With this collaboration, over 130 million SBI Debit Card holders will be able to tap and pay using a wide range of Samsung smartphones at merchant outlets having Card acceptance machines.
Samsung Pay works on 2.5 million Point of Sale (PoS) Card machines across the country through its revolutionary Magnetic Secure Transmission (MST) technology. Samsung Pay is currently available on a wide range of Samsung smartphones, enabling consumers to make offline payments without the need for a physical Card.
The coming together of Samsung – the world’s biggest smartphones company and SBI – India’s biggest bank creates convenience for millions of consumers and provides a major boost to Government of India’s Digital India initiative.
“Both Samsung and SBI are household names in India, and it is a momentous occasion for us to collaborate on Samsung Pay and extend an innovative solution that is transforming people’s lives worldwide. Samsung Pay, with its many ‘Make for India’ innovations, is revolutionising the way people carry out their day-to-day payments & transactions. To help more consumers avail of our innovative payment system, we have also introduced Samsung Pay to our mid-segment smartphones like Galaxy J7 Pro. We recently introduced Samsung Pay Mini to cater to the unique requirements of mid-segment consumers too,” Mr Asim Warsi, Senior Vice President, Mobile Business, Samsung India, said.
Mr Rajnish Kumar, MD, National Banking Group, SBI said, “Bank aims to be the Banker to Digital India and has been at the forefront of all digital initiatives in the banking space. We are committed to increasing the share of digital initiatives in products, services and transactions, supported by technologically advanced backend operations. A tie-up with Samsung Pay is one such initiative which will give our customers an additional reason to go digital.’’
Samsung Pay, launched in India this year, has already received an overwhelming response from consumers, who have instantly fallen in love with its Simple, Secure & Everywhere proposition. Samsung Pay comes with Samsung KNOX, Samsung’s defense-grade security system that is designed to keep consumers’ transactions safe.