Samsung Pay update adds UPI payment support in India: Report
UPI integration on Samsung Pay will allow users to quickly send and receive money from their bank account.
Last month, Samsung introduced its contactless payment solution in India called Samsung Pay. During the launch, Samsung mentioned that the payment solution supports all major banks in India and includes support for the popularly used digital wallet, Paytm. Now, the company has started rolling out an update that brings support for India’s Unified Payments Interface (UPI) payment service.
According to SamMobile, the update is about 84MB in size and users are likely to receive the update notification, as soon as they login into the app. After installing the latest update, users need to add their UPI account details, such as the VPA (Virtual Payment Address), followed by the 4-digit authentication code.
The USP of UPI lies in its simplicity. One simply needs their Aadhaar card and mobile number linked with their bank account. Unlike other online money transfer modes, UPI does away with the need of having detail such as IFSC code, bank account number, name and branch. All one needs is a VPA, which can be as simple as mike@icici, or 9820098200@ybl.
Already equipped with more than one payments solution, the latest UPI integration on Samsung Pay virtually brings all popular payments service under one hood. Samsung Pay app is different to other payments solution as it reduces the hassle of first transferring funds into the app and then pay.
Using Samsung Pay, you can make payments without physically needing to swipe your debit/credit card at a PoS terminal (card swipe machine). The app widely uses NFC technology for contactless payments at compatible PoS machines. However, it also features a proprietary Magnetic Secure Transmission (MST) technology which allows the app to emulate magnetic stripes on the debit or credit card. With this, users don’t need to physically carry the cards with them while making a transaction. ALSO READ: Samsung Pay: A payment service with immense opportunity, but challenges exist
Samsung Pay is currently available on the Samsung Galaxy S8, Galaxy S8+, Galaxy S7 edge, Galaxy S7, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017) and Galaxy A7 (2017). The company is expected to soon make the service available on the Samsung Gear S3 Smartwatch, allowing users to pay using their wearable device.