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Samsung Pay extended to SBI debit cards

Thursday, August 10, 2017

Smartphone leader Samsung has extended its payment solution Samsung Pay to the State Bank debit cards, which will allow customers to make payments in a secure manner.

State Bank managing director for national banking Rajnish Kumar said the bank of its 35 crore debit cards, 27 crore are active and this facility can be availed of by all these customers. Already Samsung Pay is available on SBI credit cards.

"With this collaboration, around 270 million SBI debit card-holders will be able to tap and pay using a wide range of Samsung smartphones at merchant outlets having card acceptance machines," the companies said in a joint statement.

Samsung Pay works on 2.5 million points of sale (PoS) card machines across the country through its revolutionary magnetic secure transmission (MST) technology, for which Samsung has global patent, Asim Warsi, senior VP, mobile business at Samsung India, said, adding the J series is the largest volume grosser in the country with 25 per cent market share.

Samsung Pay is also available on the entire Galaxy range such as the S8, S8+, S7 edge, S7, Note 5, S6 edge+, A5, A7, and A9 Pro.

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