Samsung is expanding the list of supported countries for its mobile payment solutions service. The service is available in Australia, Brazil, Canada (currently limited to CIBC customers), China, Russia, Singapore, South Korea, Spain, and the US, and it seems the company is expected to add another country to the list.
According to a new rumor, Samsung Pay is expected to launch in India in the first half of 2017, increasing the list of supported countries.
Expanding Reach and Accessibility
Furthermore, the rumor suggests that the company will make its mid-range handsets compatible with the service so more and more users can avail the service, especially after the recent demonetization of INR 500 and INR 1,000 currency denominations in India. This move is particularly significant as it aligns with the Indian government’s push towards a cashless economy. By making Samsung Pay available on mid-range devices, Samsung is ensuring that a larger segment of the population can benefit from the convenience of mobile payments.
The demonetization effort in India created a surge in the adoption of digital payment methods, and Samsung Pay’s entry into the market could further accelerate this trend. Users will be able to link their bank accounts, credit cards, and debit cards to Samsung Pay, making transactions seamless and secure. Additionally, Samsung Pay supports both Near Field Communication (NFC) and Magnetic Secure Transmission (MST) technologies, allowing it to work with a wide range of payment terminals.
Challenges and Future Prospects
The launch of the service in the UK was also delayed as the company is in the middle of working with banks to support the service, and there’s a possibility that it may launch alongside the Indian market. The delay in the UK highlights the challenges Samsung faces in negotiating with financial institutions to ensure compatibility and security. However, once these hurdles are overcome, the potential for Samsung Pay in the UK is immense, given the country’s advanced digital infrastructure and high smartphone penetration rate.
In addition to expanding geographically, Samsung is also continuously improving the features of Samsung Pay. The service now includes options for loyalty cards, gift cards, and even transit cards in some regions. This makes Samsung Pay not just a payment solution but a comprehensive digital wallet that can handle various aspects of daily transactions.
Moreover, Samsung has been investing in partnerships with major retailers and service providers to offer exclusive deals and discounts to Samsung Pay users. These incentives can drive user adoption and make Samsung Pay a preferred choice for mobile payments.
We’ll update you as soon as it launches in the country.
Source: SamMobile
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