Samsung may launch it mobile payments solution, Samsung Pay, in India next year. According to a report by Sammobile, the company is planning to launch the service in the country in the first half of 2017. The report also notes that the company would bring the functionality to its mid-range smartphones, so that more people would be able to use it.
This move would make a lot of sense considering the government's move to demonetise Rs. 500 and Rs. 1,000. In a bid to go cashless and avoid the long queues at the ATMs, many people have resorted to using mobile wallets such as Paytm and Freecharge to make payments wherever possible. Hopefully, this will act as a cue for other payment systems like Apple Pay, Mi Pay, and more to launch in the country as well.
Samsung Pay uses Magnetic Secure Transmission (MST) technology instead of NFC. This emits a magnetic signal that mimics the magnetic strip on a credit/debit card. This signal mimics the swiping of a physical card and works with a conventional card reader. As a result, Samsung Pay will be able to work at nearly all conventional payment terminals.