Post demonetization, mobile wallets alongside online money transactions have witnessed extensive growth. Most companies like Paytm, Freecharge, Mobikwik released unique schemes and promotional discounts advancing the monetary effect in their benefit. Following the trend, Samsung might also launch its Samsung Pay wallet services in India soon.
Currently, Samsung Pay is only a viable payment option in the U.S. and Korea with the beta version already released in Malaysia. It is rumored that Samsung Pay is already being tested and would come to India by mid-2017. Samsung Pay is a digital payment platform which allows you to use your credit, debit, gift and reward cards to complete payments. It turns your mobile into your wallet and provides security services similar to banks. It is the best time for Samsung Pay to launch this services in the country.
Though Samsung Pay is not the only smartphone giant having digital payment services, Apple also has Apple Pay while Android services through Android Pay. But both them do not have yet launched their services in India. If the release is a success, Samsung would take a lead on Apple and Android this time. Samsung had promised to launch the platform in U.K. by end of 2016 which has been delayed so it is quite possible the same would happen in India’s case.
Recently the company bought My Money Transfer in India with its third Tizen smartphone, the Z2. The service allows users to transfer money to other users without an internet connection. The app is available for download on Z1 and Z3 smartphones via the Tizen Store. For the same, the company tied up with major Indian Banks which could be beneficial for Samsung Pay’s launch.
With the mass popularity of Samsung devices in India and steady increase in digital payments, SamsungPay would be a boon. Further, it is possible that the platform rolls out with Samsung’s next major lineup: Samsung Galaxy S8.