HOME > CONSUMER > APPS > SBI enables Samsung Pay for some of its debit cards

SBI enables Samsung Pay for some of its debit cards

State Bank of India said it was enabling payment by Samsung Pay service on some of its higher debit card variants.

Samsung Pay works by mimicking the ‘swiping’ action of a credit or debit card by sending a magnetic pulse. The ‘card machine’ or point of sale machine mistakes this for an actual swipe and processes the transaction.

The technology works on nearly all card swiping machines.

“With this collaboration, ~130 million SBI Debit Cardholders will be able to tap and pay using a wide range of Samsung smartphones at merchant outlets having Card acceptance machines,” SBI said.

Samsung Pay works on 2.5 million Point of Sale (PoS) Card machines across the country.

“The coming together of Samsung – the world’s biggest smartphones company and SBI – India’s biggest bank creates convenience for millions of consumers and provides a major boost to Government of India’s Digital India initiative,” the companies said.

“To help more consumers avail of our innovative payment system, we have also introduced Samsung Pay to our mid-segment smartphones like Galaxy J7 Pro,” said Asim Warsi, Senior Vice President, Mobile Business, Samsung India.

“We recently introduced Samsung Pay Mini to cater to the unique requirements of mid-segment consumers too,” he added.

The payment business is seeing a lot of competition, with banks trying to protect their traditional role and new generation companies like Samsung, Apple, PayTM and Airtel trying to muscle their way in.

Rajnish Kumar, MD, National Banking Group, SBI said SBI is committed towards increasing the share of digital transactions. “The tie-up with Samsung Pay is one such initiative which will give our customers an additional reason to go digital.”

Samsung Pay, launched in India this year, has already received overwhelming response from consumers, the Korean company said.

The technology is available on the newly-launched Samsung Galaxy J7 Pro smartphone, priced at around Rs 20,000.

The J7 Pro comes with a 5.5 inch full HD AMOLED display, 13MP + 13MP camera configurations and a metal unibody design.

With this, it has become the most affordable smartphone in Samsung’s smartphone range with Samsung Pay functionality.

Galaxy J series is India’s most popular smartphone series, accounting for one in four smartphones sold in the country.

Other handsets supporting the payment mechanism include the Galaxy S8 and 8+, Galaxy S7 and S7 edge, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016 and 2017), Galaxy A7 (2016 and 2017) and Galaxy A9 Pro.

SBI debit card holders will also get up to Rs 500 cash back for transactions done using the new method this month.

Apart from cards, Samsung Pay users can also make fast and secure UPI payments through P2P money transfers and also QR code scan and online payments wherever UPI payments are accepted.

Consumers can add their SBI accounts and accounts of all banks which are on UPI to Samsung Pay.

Samsung Pay also supports wallet payments – Paytm on Samsung Pay and Mobikwik and Paytm on Samsung Pay Mini, which is designed to cater to the unique requirements of Indian mid-segment consumers.

Samsung’s 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.

Follow ULTRA.news
Bank of China, Iranian banks seek nod to open branches in India Bank of China wants to enter India Several foreign banks, including the Bank of China, have sought RBI's permission to set up operations in the country. Among those who have applied for permission to open a branch or office in the country are three banks from Iran, two fro...
State Bank of Mauritius gets banking license in India; Woori, PPF in queue SBM is the second largest in Mauritius State Bank of Mauritius has become the first foreign entity to receive a license to start a bank in India. The bank, along with DBS of Singapore, had received preliminary approval several months ago. It has now received the final b...
Vodafone offers Rs 1,500 cashback on Samsung Galaxy J series Galaxy J7 Max Vodafone announced cashback of Rs 1,500 on Samsung handsets Galaxy J2 Pro, Galaxy J7 Nxt and Galaxy J7 Max. Vodafone customers, both existing and new, can purchase any of the popular Samsung 4G smartphones, it said. To avail this special offer, prepaid cus...
Internet banking fraud in India rises 4 times in 1 year The number of frauds related to Internet banking and credit and debit cards in India has increased four fold in the last one year, according to data reported by the banks to the Reserve Bank of India. Banks have already reported 10,220 incidents under the RBI's Fraud Monitorin...
Inter-ministerial group on telecom woes dismissed crisis theory, blamed telcos for high debt The problem of high debt levels faced by some telecom companies in India was of their own making and the government had a limited to role to play in resolving the same, the inter-ministerial group set up to address the concerns of telecom sector found. The cash flow issues fa...
SBI, PNB & IDBI lead RBI’s list of Indian banks with NPAs The Reserve Bank of India has released the list of Indian banks and their non-performing assets as of September 30, 2017, the latest period for which financial data is available. The total non-peforming assets, or bad loans, has risen to 8.37 lakh cr -- a burden of around 20,0...
Bank NPA write-offs could rise 50% this year The pace of bad industrial debt written off by public sector banks in India increased substantially this year, according to RBI data. In the first six months of the financial year (April to September), public sector banks wrote off 36,510 cr of bad industrial debt, compared to...
RBI places Bank of India under ‘Prompt Corrective Action’ limits Bank of India said the Reserve Bank of India has placed it under the 'Prompt Corrective Action' framework, a set of restrictions aimed at preventing further deterioration in the health of a bank. It said the action followed an onsite inspection by the RBI. "This is in view ...
SBI Merger: Not a single employee laid off; No plans for VRS Not a single employee was laid off or removed as part of the merger of five associate banks with State Bank of India, the government said, adding that the bank had no plans to offer VRS options to its employees. "SBI has informed that no employee has been removed after merger...
NPA crisis: We’re not out of the woods yet – SBI official A senior State Bank of India official warned against assuming that the bad loan malaise affecting the Indian banking sector has started declining. Praveen Kumar Gupta, MD in charge of retail and digital banking, said one cannot directly draw conclusions by extrapolating trend...
RCom says majority of lenders oppose China bank’s insolvency petition Reliance Communications, the embattled telecom service provider from the Anil Ambani stable, said a majority of its lenders opposed the move by China Development Bank to move ahead with insolvency proceedings on the company. “At a Committee of Financial Creditors Meeting on 2...
Exchanges seek clarification from Bharti Airtel on Aadhaar misuse charges Stock exchanges in India have sought a clarification from India's largest telecom company by revenue, Bharti Airtel, on a report that it was under investigation by a government agency for allegedly misusing customer data to open bank accounts in their names. "(The) exchange ha...
Infosys launches inter-bank blockchain network Infosys said it launched Finacle Trade Connect, a network-based system of distributed record keeping for banks based on the block chain technology. A blockchain-based record is open to all participants and all participants have a copy of all the data. Moreover, all transactio...
Infibeam CCAvenue launches pan-India billing service on BBPS E-commerce solutions provider Infibeam said its unit Avenues India, which operates the payment service CCAvenue, has entered the bill payment service with the launch of a new service BillAvenue. The service has been built atop the Bharat Bill Payment System created by the Nat...
IDBI Bank losses narrow, NII rises 18% QoQ IDBI Bank said Net Interest Income for September quarter improved by 3.63% compared to previous year and 18.19% compared to the June quarter. Net Interest Margin (NIM) stood at 2.17% for QE Sept 2017 showing improvement of 27 basis points as compared to QE Sept 2016 and 45 ba...
SIDBI and AU SFB to jointly lend to small businesses AU Small Finance Bank and Small Industries Development Bank of India (SIDBI) entered into an agreement to jointly lend to small businesses. Both will earmark a corpus of Rs 100 crore for lending under the ‘AU SIDBI Joint Financing Programme’ for FY18. The program will targ...
Ramco wins multi-million managed services deal from British MNC Bank Cloud-based enterprise software provider Ramco Systems said it won a multi-million dollar order from a big British MNC financial group to provide managed payroll services. Ramco will help the company, part of the FTSE 100 index, to consolidate its payroll operations in 14 co...
MobiKwik creates wallet app for bank even as rivals focus on payments bank Wallet app provider MobiKwik announced a tie-up with IndusInd under which it has launched an app exclusively for the bank's 10 mln customers. The move is in line with the app company's strategy to be a partner and solutions provider to traditional financial services companies...
JIO Wallet Offers: Paytm, Amazon, PhonePe give cashback on 399 recharge Wallet players like Paytm, Mobikwik, PhonePe and AmazonPay have come up with cash back offers for Reliance Jio users who want to take advantage of the Rs 399 recharge scheme valid till today midnight. Last week, India's largest wireless Internet provider said anyone rechargin...
Karnataka Bank NII up 11%, PAT down Karnataka Bank's second quarter net profit fell to Rs 93.38 crores from 123.82 crores last year. However the operating profit showed a robust growth of 57.35% and improved to Rs 366.24 cr from Rs 232.75 cr. The Net Interest Income rose to 440 cr from 397 cr last year. G...