Samsung and SBI have announced Samsung Pay support for SBI debit cards. They did this to expand the benefits of online payments to more smartphone users in India.
Therefore, SBI debit cards are now available for use on this Pay app. The company has also declared an inaugural offer rewarding maximum a cash-back of INR 500.
This news broke out an event in Mumbai. At this event, SBI claimed to have over 130 million clients using their debit cards. Additionally, Samsung alleges that about 25 percent of the smartphone market in India is captured by Samsung. In a partnership, both these companies see huge potential in digitalizing payments throughout the country.
Addressing at the event, an SBI spokesperson declared that the company will be hoping for up to 10- 20 times increase in payments through the support of Samsung Pay. SBI also stated that the latest Pay won’t yet be accessible with Maestro cards. This new update should arrive by December 2018, right after all the cards are replaced with the new ones.
More About Samsung Pay
Samsung Pay was introduced in India in March this year. It works with various banks. The mobile app also works with UPI and Paytm. Samsung Pay supports both NFC and MST (Magnetic Secure Transmission).
“Both Samsung and SBI are household names in India, and it is a momentous occasion for us to collaborate on Samsung Pay and extend an innovative solution that is transforming people’s lives worldwide. Samsung Pay, with its many ‘Make for India’ innovations, is revolutionizing the way people carry out their day-to-day payments and transactions. To help more consumers avail of our innovative payment system, we have also introduced Samsung Pay to our mid-segment smartphones like Samsung Galaxy J7 Pro. We recently introduced Samsung Pay Mini to cater to the unique requirement of the mid-segment customers too,” Asim Warsi, Sr Vice President, Mobile Business, Samsung India said in a statement.
Currently, the Pay is available on the following devices: Galaxy S8, Galaxy S8+, Galaxy S7 Edge, Galaxy S7, Galaxy Note 5, Galaxy S6 Edge+, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017), Galaxy A7 (2017), Galaxy A9 Pro, and the newly launched Galaxy J7 Pro.