Samsung Enters Mobile Wallet Market by Launching Samsung Pay
After months of predictions, Samsung launches its mobile payment service
“Samsung Pay” in India
New Delhi: Samsung has stepped
towards mobile payments services by launching Samsung Pay, targeting to
vanquish the impact of demonetisation. These services will allow the customers
to make offline transactions using their smartphones, which are currently being
supported by some banks such as HDFC, Axis Bank, SBI and ICICI. Also, some
other banks named Citibank and American Express will also join hands with
Samsung in the coming weeks.
Samsung has made payment easier by
introducing both NFC (Near Field Communication) and MST (Magnetic Secure
Transmission). The customers only require a tab to the payment terminal, touch
the fingerprint scanner for authentication, and complete the transaction.
Samsung Pay is only available on Galaxy Note 5, Galaxy S7, Galaxy S7 edge,
Galaxy S6 edge+, Galaxy A7 and Galaxy A5.
Samsung is
the first company to launch a mobile payment service in India. Google is also
offering a mobile payment platform in the form of Android Pay in the country.
TechSci Research depicts that with the
introduction of Samsung Pay, which will allow offline transactions more easy
and secure, the overall user experience would enhance several folds in India. This
is expected to help in rapid growth of mobile wallet market in the country
during coming years.
According to recently published report
by TechSci Research, “India
Mobile Wallet Market
By Application, By End User, Competition Forecast & Opportunities, 2012 -
2021”, the market for mobile wallets in India is projected to grow at a CAGR
over 50% during 2016 – 2021. Evolving technologies, secure authentication
process, rising adoption of online payments and growing e-commerce transactions
are anticipated to significantly boost India mobile wallet market in the coming
years. Banking sector accounted for the largest end use sector in the country’s
mobile market in 2015, followed by retail, telecom and transportation sectors.
Northern region accounted for the maximum number of mobile wallet users, owing
to highest number of retail stores choosing payment through mobile wallets in
the region’s Tier I, Tier II & Tier III cities. Few of the major companies
in India mobile wallet market include One97 Communications, One Mobikwik,
ItzCash, Oxigen, among others.