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Taking advantage of its MST technology, Samsung is reportedly planning on launching Samsung Pay in India alongside the Galaxy S8 next year. NFC-equipped PoS terminals are a rarity in India which forms the backbone of smartphone-based payment services like Android Pay and Apple Pay. However, Samsung Pay is compatible with older PoS terminals thanks to its MST technology.
With the Indian government demonetising Rs 500 and Rs 1000 in November, there has been a huge spike in the use of debit/credit cards and other mobile-based wallet services like Paytm in the country. Samsung can take advantage of this move from the Indian government and have a winner on its hand if it manages to launch Samsung Pay in the country in the first half of the year.
However, to launch Samsung Pay, the Korean company needs to tie-up with Indian banks which might delay the launch of the service by a few months.
Samsung is also reported to bring Samsung Pay to more of its mid-range devices in 2017. Combined with the launch of Samsung Pay in India, the Korean company can end up having a unique advantage over its competitors like Apple and Xiaomi who have been slowing eating away into its market share in the region. Samsung Pay can also end up attracting a lot of consumers interest in the company’s handsets in the country, especially in metro cities like Mumbai and Delhi.
[Via SamMobile]
