After bringing Samsung Pay feature with Android Nougat update to the Galaxy S7 series in India, the company has now released the advanced contact-less payment feature to Galaxy Note 5.
Samsung India, in its latest update (build number: N920GUBU3BQA3) with January security patch to the 2015 flagship phablet Galaxy Note 5, has introduced the much-awaited advanced contact-less payment solution Samsung Pay, SamMobile reports.
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However, Samsung Pay is not activated yet. Rumour has it that the company will launch the full-fledged service after it finalises partnership with banks and retailers to integrate Samsung Pay.
The development follows the Narendra Modi government's demonetisation drive and its insistence of going digital in terms of transactions.
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Earlier this week, Union Finance Minister Arun Jaitley had announced more incentives for consumers and merchants transacting via PoS (Point-of-Sale) machines and curbing cash payment above Rs 3 lakh.
With cashless transactions gaining momentum in India, Samsung Pay will certainly be embraced by public with open arms and it is expected to give stiff challenge to e-wallet mobile apps such as Paytm, FreeCharge and others.
How Samsung Pay works?
Samsung Pay works with both NFC-based mobile payment systems (available in developed markets only) and magnetic stripes, which is accomplished through "Magnetic Secure Transmission" (MST) technology. It transmits card data to a payment terminal's swipe slot using an electromagnetic field, causing the terminal to register it as if it is a normal magnetic stripe.
Further, different credit and loyalty cards can also be integrated into the Samsung Pay app, and they can be selected by swiping between them on-screen with ease.
If Samsung has its way, it can forge partnership with banks to improvise ATMs to wirelessly communicate with the mobile phone, which eliminates users from typing their pin codes on the machine and withdraw cash just by standing in front of it.
This system is already in place in Samsung's home market South Korea.
Samsung Pay history:
Samsung Pay was first launched in August 2015 and is currently available in the US, Australia, Brazil, Canada, South Korea, Spain, China, Russia and Singapore.
It is expected to expand to other markets -- UK, Malaysia, Russia, Thailand and India in the next few months.
Watch this space for latest news on Samsung products and Samsung Pay.
