YES Bank will now be on the list of Samsung Pay’s payment partners in India. All YES Bank’s Credit Card holders (including Business Card holders) can now use the ‘Samsung Pay’ app to ‘tap and pay’ using their smartphones at Point of Sale (PoS) counters of merchants. Note that the app is supported only on a select range of Samsung smartphones. Here is the list of supported devices
Shashi adds: It’s curious to note that Samsung Pay does not support YES Bank’s debit cards at the moment. When it launched, SBI cards were not supported on Samsung Pay but it took some time to enable the same. However, this will be possible for only 130 million customers of SBI debit cards (the bank has 270 million card holders) as it replaces the remainder cards with newer technology. It remains to be seen if Samsung Pay will partner with more public sector banks.
As part of the launch, YES BANK Credit Card holders will receive cashback of up to INR 1,500 per Card on using for using Samsung Pay at PoS counters till September 30, 2017, both companies said in a statement. Other bank partners for Samsung Pay in India include Axis Bank, HDFC Bank, ICICI Bank, Standard Chartered, Citibank, American Express and SBI Cards.
Samsung Pay uses NFC (meant for smartphones) 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. Samsung said that the payment option will not support online purchases and will work only for in-store purchases.
Samsung Pay’s partnerships in India
- In India, Samsung Pay supports mobile wallets like Paytm, MobiWkik for which users will have to scan a QR code to make a payment.
- PoS terminal maker MSwipe also supports SamsungPay, for which users will have to choose their debit or credit card and tap their Samsung device on an Mswipe terminal to complete the purchase. All MSwipe terminals have NFC enabled on them.
- Samsung Pay also has integrated the Unified Payments Interface (UPI) on its app in India. The company said that its UPI payments will be hosted by Axis Bank and will have a separate handle called @pingpay.
The website for Samsung Pay says that it has three layers of 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.