Digital payment is witnessing an unprecedented boom in the post-demonetization phase in the country. This was once again established when Samsung announced that its mobile payment service Samsung Pay added 1 million users in over a month.
“On September 12 we had announced that we had 1.5 million users of Samsung Pay. Now we have an additional 1 million users in the last one-and-half months. The user growth has been significant,” Samsung India Director Commercialization Group (Product Planning) Sanjay Razdan told PTI.
The service works with both Samsung’s patented Magnetic Secure Transmission (MST) technology as well as with Near Field Communication (NFC). MST replicates a card swipe by wirelessly transmitting magnetic waves from the supported Samsung device to a standard card reader. Through MST, Samsung pay will work seamlessly on a majority of Point of Sale terminals in India.