Samsung Pay Made Bank-to-Bank Transaction Easy Through UPI

by April 28, 2017 0 comments

Samsung India announces the availability of the National Payments Corporation of India’s (NPCI) Unified Payments Interface (UPI) on its flagship mobile payments service, Samsung Pay, in India.

With the introduction of UPI, Samsung Pay now integrates card payments, mobile wallets and UPI in one secure app. The transactions made by users through UPI on Samsung Pay would be facilitated through Axis Bank.

With the launch of UPI on Samsung Pay, users can create their unique virtual addresses @pingpay enabling them to make seamless bank to bank transfers. A unique benefit of enabling UPI on the Samsung Pay app is the integration with the users’ address book which then identifies existing @pingpay accounts on the contact list. @pingpay is the UPI handle assigned to Samsung Pay.

UPI is a payment system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing and merchant payments under one hood. This would also cater to the ‘Peer to Peer’ collect request, where users can request for payments from their contacts, adding to the convenience of Samsung Pay consumers.

Samsung Pay, which was recently launched in India, is a secure platform that works with three levels of security—fingerprint authentication, card tokenization and Samsung’s defense-grade mobile security platform Samsung KNOX. Simple and secure, Samsung Pay can be used to make purchases almost everywhere you can swipe or tap your debit or credit card to make payments.

Samsung Pay now works with Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Cards, Citibank and Standard Chartered Bank.

To launch Samsung Pay, a user needs to swipe up on an eligible Samsung Galaxy smartphone, select the card, authenticate using a fingerprint or PIN and bring the phone near the Point of Sale terminal. Samsung Pay works with Samsung’s patented Magnetic Secure Transmission (MST) technology as well as with Near Field Communication (NFC). MST replicates a card swipe by wirelessly transmitting magnetic waves from the supported Samsung device to a standard card reader. Through MST, Samsung pay will work seamlessly on a majority of PoS terminals in India.

Samsung Pay is currently available on 11 eligible Samsung devices: Galaxy S8, Galaxy S8+, Galaxy S7 edge, Galaxy S7, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017),Galaxy A7 (2017) and Galaxy A9 Pro.

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