Samsung Pay to be officially launched in India today

New Delhi: South Korean tech giant Samsung is all set to launch its mobile payment wallet in India on Wednesday.

Samsung has sent out invites for its launch event today stating that it will be ready with the next revolution.

Samsung Pay has so far been avaliable for select users in India who signed up for its early access program.

To bring Samsung Pay in India, Samsung has partnered with American Express and is mulling over exploring opportunities with giants such as Visa and MasterCard as well.

The debit and credit cards of Axis Bank, HDFC Bank, ICICI Bank and Standard Chartered Bank can be used as payment cards. However, for SBI Cards, only credit cards can be used as of now.

Samsung Pay supports MST (Magnetic Secure Transmission), that allows a user to send a magnetic signal from smartphone to the payment terminal's card reader.

However, Samsung Pay only works with high-end premium Samsung smartphones, limiting its reach.

For Samsung Pay, the compatible devices are Galaxy Note5, Galaxy S7, Galaxy S7 edge, Galaxy S6 edge+, Galaxy A7 (2017), Galaxy A5 (2017), Galaxy A7 (2016), Galaxy A5 (2016).

Post-demonetisation, mobile wallet apps -- such as Paytm and MobiKwik -- have registered tremendous growth in transactions and downloads. As such, Samsung's interest in the country is understandable.