Samsung Pay, the payments solution of Samsung Electronics, is finally live in India. Currently, the early access program is available to Axis Bank, HDFC Bank, ICICI Bank, Standard Chartered and SBI Cards. Other card issuers which will come on board will be Citi Bank and American Express. Gadgets 360 points out that debit cards from SBI cards are not supported right now but Samsung Pay also lets users pay via Paytm wallet.

Samsung Pay will work on the following devices: Galaxy Note5, Galaxy S7, Galaxy S7 edge, Galaxy S6 edge+, Galaxy A7 (2016), Galaxy A5 (2016). Note that there were reports that the company will be bringing in Samsung Pay to its mid-range smartphones to increase penetration in the country. Currently, the service is live in seven countries including Korea, the United States, Australia, and Singapore.

Samsung Pay will support NFC and MST (Magnetic Secure Transmission) technology which will work on any POS machine. MST allows a user to send a magnetic signal from a smartphone to the payment terminal’s card reader. Note that Samsung made it explicitly clear that the payment option will not support online purchases and will work only for in-store purchases.

For making a purchase at a store, owners of compatible Galaxy smartphones will need to launch the Samsung Pay app and then select the card they want to pay with by swiping left or right. Customers will have to authenticate the transactions via fingerprint or a PIN, and then place the phone near the POS machine or card reader or NFC reader to complete the transaction.

Security

The website for Samsung Pay says that it has three layers for security:

– Fingerprint or PIN authentication.
– Card tokenization, the process of substituting a sensitive data element with a non-sensitive equivalent. In this case, a card’s number will be masked with an another card number.
– Samsung KNOX, a mobile security solution where card information is still safely encrypted within a separate and secure data vault. This will help when a mobile phone is stolen or compromised.