Global electronics giant, Samsung, according to reports, might just beat the likes of Apple Pay and Android Pay to reach the Indian shores with mobile payments solution. This is particularly interesting because Indian economy is going through a big change following the demonetisation move by PM Narendra Modi-led government. After this decision, many financial organisations have started to focus on digital payment systems. As people are finding it hard to stand in long queues outside ATM’s digital wallets like PayTm, mobiKwik among others have seen a huge surge in the number of users, according to reports. Even network provider Airtel has started its own payments bank, With the government giving the cashless economy narrative to the demonetisation decision, this seems to be a great time for Samsung to launch its payment system.
Apple and Android, both have their own payments systems but have not yet announced their launch in India. Samsung’s payment system can use electromagnetic transmission system in order to provide near field contactless payments system. This service was launched a few days ago in Malaysia in its beta form and not it will be available in India, sometime early next year. However, Samsung has not announced anything officially as of now, but according to Sammobile, the feature is being tested in India. This could turn out highly profitable for the company as well as the masses since Samsung is arguably the most popular smartphone brand in the country.
Samsung reportedly has tied up with many big Indian banks for its My Money Transfer app made for its Tizen-based smartphones. In the UK, Samsung has found it difficult to tie up with banks, hence its promised launch this year has been postponing until next year, Sammobile reported. Hence, it provides an insecurity around the service launch in India but it is speculated that it may unveil the scheme along with its highly anticipated Galaxy S8 smartphone.