While Samsung Pay has just become available in India, Apple Pay is about to make its debut. Here is a comparison of the features of the two services.
March saw the launch in India of Samsung Pay, the South Korean phone maker’s proprietary digital payments service. The service in simple terms brings payment instruments like debit cards, credit cards and wallets on one platform. Unlike other ‘white-label’ mobile payment solutions, Samsung Pay is compatible with only specified Samsung devices.
Samsung Pay’s main rival Apple Pay is yet to come to in India.
Let us examine the two services. First, Samsung Pay. It allows payment with credit or debit cards without having to use the cards physically. All one needs to do is to add the card details in the Samsung Pay app. Once done, payments can be made at any POS machine without swiping or presenting the card. The system uses Magnetic Secure Transmission (MST) and Near Field Communication (NFC) technologies to transmit card details to POS machines. In India, most of the older generation POS machines do not support NFC, but with MST support, Samsung Pay can work with these swipe machines as well. What is special about the service in India is that it also supports mobile wallet Paytm and is integrated with the Unified Payments Interface of NPCI.
MST SUPPORT
Denne historien er fra May 2017-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra May 2017-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Finance gears up for festivities
BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:
Non-cash transactions can touch a phenomenal level by 2028
Capgemini Research Institute’s World Payments Report 2025 highlights the era of account-to-account an instant payments:
The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer
In an increasingly interconnected world, safeguarding our digital assets has become paramount. Enter the dynamic duo: Cyber security and Artificial Intelligence (AI).
A new trinity in digital lending space
Three platforms in the lending space are poised to change the way lenders offer credit and borrowers access funds in India:
Finance gears up for festivities
BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:
Small MFI, International Engagements
Mitrata Inclusive Financial Services in the midst of transformation growth
MFIs: Big Impact Big Changes,
Even as MFIs are fueling economic growth for the underprivileged, what is interesting is that they are transforming themselves in areas like HR, technology, funding, leadership, collections, and more. Banking Frontiers presents the initiatives and initiatives at 9 such organizations:
Climate Risk Forum for CROS
Excerpts from a discussion on shaping the future of climate change resilience in India:
Seamless Supply Chain Finance
Deep insights emerge from this fireside chat at NBFC's Tomorrow Conclave.
Star Health sees strong demand from the IT sector
Biju Menon, Chief Business Officer at Star Health Insurance, looks at the evolution of employee health insurance from multiple perspectives: