Before launching of Samsung Pay service, buying of applications within Google Play services with android Jelly bean and prior operating systems becomes extremely difficult. Only credit card buys out were possible in those days. Though with the advent of android 5 and later, there is a much easier way for new banking facilities and that makes the process and movement of buying applications easier. In the last couple of years the biggest android manufacturer of the world Samsung has been continuously providing innovations and new and wider ways to understand what consumers want and it more or less provide the most strategically superior conveniences for users.
Samsung launched its flagship Samsung Pay in India in this year’s March to provide simple and secure payment portals on their mobile devices. It not only very convenient to use with mobile devices but also you can use it to pay at anywhere with a simple swipe of debit or credit card to make payments in any of convenient locations. Users can simply tap and then swipe their cards to make payments. It is also integrated with Paytm as well as Indian government unified digital payments made so that most of important payment modes should be conveniently covered with it. It has partnered with any number of card networks so that a proper and unified digital payment system could be easily initiated with.
Most of significant card networks such as Visa, Master Card, American express, Citibank India and so on are partners to it and it continues to add more partners so that there could be easier for users as well as most of users should be able to use this card with full convenience. Thus it continues to unite most of the payment gateway so that users with cards of any of these networks should be able to use it without any difficulties.
Security of Samsung Pay:
With any of digital payments comes the financial transactions and it includes money and for this security of payment through these third party portal is absolutely must. With Samsung Pay three levels of security are at work. First are finger print security, card localization and Samsung’s own efficient and popular Samsung Knox on mobile platforms to provide awe some level of hardened security for such financial transactions. Samsung Knox is a full proof security on newer Samsung phones with stupendous level of security so that it creates one of sandboxes operating system environment within operating system to provide users with absolute security.
Magnetic secure transmission technology:
Samsung Pay cannot be installed any of Samsung devices. It needs to have the finger print scanner, eligibility for Samsung Knox which is of android 5 or later and other specifications. Users needs to swipe up on such eligibly criteria and then select the already approved card and then authenticate with one finger print or PIN and then the phone reaches to the point of sale terminal in India. Samsung Pay works with a new patented technology for Samsung which works with Magnetic Secure Patented transmission technology to reach towards point of sale terminal in India. It works nicely with near field communication technology which said to be futuristic vision for accumulation of entirely secure payment services.
When the card swiped into Samsung phone, the magnetic secure transmission technology with supported Samsung smart phones wirelessly transmitted the signals of magnetic waves from the Samsung device to the card reader. Most of the major point of sale in place have no problem of this technology working seamlessly and it is one of the most secure forms of doing financial transactions. We could find the presence of extreme form of innovations with complete ease of use for customers and clients and yet the financial transactions remain all secure. Here we see a complete form of the advent of innovation technologies and that makes perfect use of smart phone as well as continuous refinements of it to its greater extent.
It is in a way refinement and refinements of how digital payments needs to be done and how these should be equally constituted to produce one of the most outstanding form of secure payment gateway for users with ease of use and convenience for every users. The goal of Samsung Pay is to present users and customers with simple and secure financial transactions solutions and should be acceptable for most of card networks so that the scope of using single and unified payment gateways should always be there. Samsung Pay could be used for receive rewards. Memberships authentication cards in digital forms and receive deals and many more possibilities of using it in so many diverse ways.
With Prime Minister of India Mr. Modi advocating for “Make in India” initiative for original equipment manufacturers and Samsung does it exactly the same for creating such applications that should have been convenient for Indian users. It also supporting mobile payment options on unified payment interface developed by the Government of India as “Digital India” initiative, y national payments corporation of India. Samsung Pay also supports peer to peer transfer of funds between bank account on mobile platforms on supported devices so as to have seamless banking transactionns. Paytm accounts can also integrate with Samsung Pay and scanning of QR codes can be done easily in order to provide secure banking transactions as well as to produce one single merchant codes so that peer to peer money transfer can be done.
Samsung’s own native gear application Samsung Gear will be soon compatible with Samsung Pay so that users with such devices on their wrist should not be opening the smart phone instead could use these gear devices for secure payments. All these secure payments gateways are meant for users to convince them that such digital platform is very secure and versatile and could be used for their day to day financial transactional activities. The three points of secure transactions take up by Samsung Pay such as digital finger print technology. KNOX platform and tokenism provide highest level of security for financial transactions. Samsung Pay is currently working and available for most of high-end Samsung devices such as Galaxy S7, S7 Edge, Galaxy Note 5 and so on.
As the using of such payment option justifies and shows us that it continues to be the most stronger and most efficient mobile platform and continues its strive towards moving forward for more and more sophisticated and stronger outside payment services so that it should eloquently acquainted with varieties and differentiated mobile payment options. It slowly adopted more and wider forms of financial inclusion services such as by accepting the non-banking cards such as memberships, gift cards, alternatives to ATMs and so on.
Due to its stronger and versatile security service it continues to be authenticated with so many diverse form of services and the ease of use with these services enable consumers to use for longer durations. There have been nearly 11 million such cards registered with this Samsung Pay and the number keeps on increasing day by day. It has many global partners due to the presence of NFC and MST technologies that makes it the most suited for global markets as well as fast digitalized Indian markets. Most of retail shops have point of sale machines and magnetic card readers after demonetization and call by Prime Minister Mr. Modi to go for complete digitalization process.