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
Bu hikaye Banking Frontiers dergisinin May 2017 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Banking Frontiers dergisinin May 2017 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
It's a bank and a brokerage - FinecoBank
FinecoBank of Italy is a highly tech-enabled bank that is a combination of a bank and a brokerage:
A model for cloud adoption - Zurich Cantonal Bank
The bank is had opted for cloud to offer better service to its customers:
RBI Governor urges NBFCs to adhere to fair practices code
The Reserve Bank of India (RBI) Governor has urged Non-Banking Financial Companies (NBFCs) to strictly adhere to the Fair Practices Code, emphasizing sustainable growth and robust risk management in the sector.
Automated, Adaptive, Al-enabled Architecture is a must
Security heads from 2 BFSI companies reveal the key cyberfrauds and strategies to combat them:
Fraudsters too gain ground as real-time payment systems grow
There is a need for the technologies behind the real-time payment systems to gain a march over the methods of fraudsters:
Ethics & Challenges of AI in Cyber security: Navigating the Moral Maze
Even as AI is finding its place in the cyber security domain, an entirely new frontier of ethical challenges awaits.
Bangladesh Finance: 25% faster customer service; 15% higher customer retention
Bangladesh Finance, established in 1999, is a leading financial institution in Bangladesh.
Fino sparkles with technology & brand upshift
Fino Payments Bank started operations in June 2017, providing banking services to mass market customers, who are largely rural-based.
Savington Upshifts: 48% Faster, Churn down 31%
Savington International Insurance Brokers LLC, founded in 2006 by Dev Maitra, is a prominent insurance provider in the UAE.
Zoroastrian Bank: Multiple awards for being the Best
Established in 1927 by Sir Hormusjee Cowasjee Dinshaw Adenwalla, Zoroastrian Bank is a prominent urban cooperative bank headquartered in Mumbai, India.
