How do you automate NEFT and RTGS
5 Samsung Pay Facts You Need To Know In 2021
As India approaches a cashless era, more and more companies are launching their online payment services. The latest among them is Samsung Pay, which was launched in India on March 22, 2017. It contains everything you need for a cashless transaction - credit card, debit card and even your Paytm wallet.
Samsung Pay is one of the first smartphone companies to introduce a digital payment service in India. It's simple, safe, and extremely convenient. So without further delay, let's round up a few key facts about Samsung Pay before you start using it in India.Also read: Understand the difference between NEFT, RTGS, IMPS, and UPI
1. Appropriate equipment
Samsung Pay is only available on a few selected devices in the start-up phase in India. The following devices currently support Samsung Pay,
- Galaxy Note5,
- Galaxy S7 / S7 Edge
- Galaxy S6 Edge +
- Galaxy A7 (2016/17)
- Galaxy A5 (2016/17)
2. First steps
If you have any of the above devices, update your phone to the latest version so that you can get Samsung Pay. Then you need to activate the app by registering your fingerprint on it. This will be used every time you add a new card or make a transaction with this app.
Once activated, tap Add in the top right corner and enter your card details by scanning your card or manually entering the numbers. After you've entered all of the other card details like expiration date and CVV code, you can wrap them up with fingerprint authentication.Once a card is added, it is verified by the payment card network and the card issuer. This takes about 10 minutes.
The special thing about Samsung Pay is that no card information is saved. Instead, all transactions are carried out using a random version of your card number.
3. Payment at the POS
Samsung Pay uses Near Field Communication (NFC) to communicate the transaction details. Unlike other payment services like Apple Pay (which has not yet been introduced in India), it even supports MST (magnetic field communication). MST is the technology used in 90% of Point of Sales (POS) machines in India.
If the PoS machine is NFC-enabled, all you have to do is align your phone with the PoS keypad. For MST devices, turn the phone sideways until it vibrates slightly. Enter the PIN on the device and voila, the transaction is complete. As easy as one, two, three, right?also read : How to automate your sleep-time tasks using NFC.
3. Supported cards
Currently, Samsung Pay is supported by a majority of banks such as Axis Bank, HDFC Bank, ICICI Bank, Standard Chartered, State Bank of India, and Standard Chartered Bank.
In addition, it even supports Paytm and will shortly be integrated into the Unified Payments Interface (UPI).
Devices that support Samsung Pay are equipped with the Samsung Knox security platform, along with other encryption methods. Knox continuously monitors your phones for signs of security vulnerabilities or malicious content. Even if the phone is infected, all Samsung Pay information is kept safe in an encrypted vault.
When a payment is triggered, the bank issues a temporary card number (token) for the transaction. This token is for single use only.
Not only does it protect you from man-in-the-middle attacks, but it also masks the actual card number of the card reader.
In addition, payments cannot be initiated without your trusted fingerprints. This way you have a high level of security so that your information doesn't end up in the wrong hands or your money ends up in the wrong places.
5. Use Gear S3
If you're one of the lucky few owners of a Samsung Gear S3, you can set up Samsung Pay on it. The only difference is that you have to sign your name so that merchants can verify that the carrier is the cardholder.
When do you start
These were some of the facts about Samsung Pay in India. So if you have a suitable device, don't worry if you forget your wallet at home next time. With Samsung Pay you are covered. If you ask me, I've been using this payment method since I got my Samsung A7. With a few surprised and shocking looks, the journey with Samsung Pay was an interesting one.
So when do you start
Also read: What is ransomware and how do you protect yourself from it?
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