Samsung today launched a new mode of mobile payment called Samsung Pay, in India. The Samsung Pay is secure and is very easy to use, you can use it to make purchases by simply tapping or swiping on the POS terminal.
Samsung has also integrated UPI (Unified Payment Interface) and PayTM, all that the user needs to do is register their cards (Samsung has partnered with number of card networks / issuers). Samsung Pay is using secure platform with 3 levels of security, Card tokenization, Samsung KNOX security platform and finger print authentication.
How does Samsung Pay work?
It makes use of MST technology i.e. Magnetic Secure Transmission as well as NFC. So if a POS terminal has these technologies incorporated one can use their Samsung mobile to either swipe or tap and make payments.
What is MST?
MST is a process that replicates the card swiping process without actually doing it. So when you bring your Samsung Phone near the POS it will wirelesly transmit (magnetic waves) the card swipe data.
How to register for Samsung Pay
All eligible Samsung smartphone users will get an update that will enable Samsung pay on their smartphone. Users will need to register to Samsung Pay – this one time process, needs Samsung account. Then you need to resister your finger print. Samsung Pay Pin can also be used as alternate mode of payment.
After these process you can add your credit or debit cards. Card registration is one time process and up to 10 credit and debit cards can be added. That’s it
You can now make payments via Samsung pay the revolutionary way to make payments without carrying your credit / debit card or cash.