A part of State Bank of India’s (SBI) debit card user base on Tuesday joined mobile handset maker Samsung’s payments platform Samsung Pay, which enables debit and credit card payments at point-of-sale (PoS) terminals without the use of a physical card. This will make 130 million debit card holders of the bank eligible for payments using Samsung Pay. The payment facility can be used for cards enabled with magnetic secure transmission (MST) technology or near field communication (NFC) technology; most PoS machines in use in the country are enabled to accept payments through the MST mode.
SBI is replacing some of its outstanding cards to upgrade them to more secure chip-and-pin-based cards to comply with a Reserve Bank of India (RBI) directive to upgrade all existing cards to EMV and PIN-based cards by December 2018. Rajnish Kumar, managing director (national banking group) at SBI, said, “If someone requests for a change of card out of turn, we will do it at no extra charge. It will speed up the process for us.”Users of SBI credit cards had already joined Samsung Pay at the time of its launch on March 22.
Samsung Pay will now also be available on the handset maker’s Galaxy J series of smartphones, thus extending the facility to its mid-range products. It also announced the launch of two new models — J7 Max and J7 Pro — on Tuesday. So far, higher-end handsets such as those from the A, S and Note series, were enabled with Samsung Pay. A facility called Samsung Mini, allowing wallet and Unified Payments Interface (UPI)-based payments, was available on J7 Prime and J5 Prime, which were not MST-enabled. The card-based payments facility will be available on new devices from the
To push digital transactions through Samsung Pay, SBI will also offer a cashback worth Rs 100 on a minimum transaction amount of Rs 500. A cardholder can avail a maximum cashback of Rs 500 per card. The offer will be available only during this month.