23 March 2017 Current Affairs: Samsung Electronics officially launched the mobile payment service, Samsung Pay in India on March 22, 2017.
With this, Samsung becomes the first company to launch a mobile payment service in India, ahead of Apple Pay or Android Pay.
The first commercial transaction of the new payments service in India was carried out in the presence of NITI Aayog CEO Amitabh Kant and Samsung Southwest Asia President and CEO HC Hong.
Samsung has tied up with several banks and payment gateways in India like ICICI Bank, HDFC Bank, SBI, Standard Chartered, Citi Bank, and American Express for the payment service. v. Its network partners are American Express, Visa, and MasterCard, while Pine Labs is the Acceptance partner for PoS machines.
Samsung has also tied up with mobile wallet Paytm for payments and will also add UPI based payment soon.
However, initially the service is still limited to a select few Galaxy smartphones and will be rolled out to other devices soon.
Samsung Pay is a highly secure platform as it works with three levels of security like fingerprint authentication, card tokenization and Samsung’s defensegrade mobile security platform, Samsung KNOX.