Samsung and SBI have announced Samsung Pay support for SBI debit cards to expand the benefits of digital payments to more smartphone users in India. Higher variants of SBI debit cards are now supported on Samsung Pay, and the company has even announced an inaugural offer rewarding maximum cashback of Rs. 500.
SBI cards are now supported on all Samsung devices that feature Samsung Pay. Samsung and SBI announced this development at an event in Mumbai, where SBI claimed to have 130 million customers using their debit cards. Furthermore, Samsung claims that 25 percent of the smartphone market in India is held by Samsung. Together, the companies see huge potential in digitalising payments across the country.
Speaking at the event, a SBI spokesperson claims that the company expects 10- 20 times increase in payments through the support of Samsung Pay. The company also claims that Samsung Pay won't be supported with Maestro cards, and that support should arrive by December 2018, after all the cards are replaced.
As part of the inaugural offer, all SBI debit card consumers will get Rs. 100 cashback on a minimum purchase of Rs. 500 using Samsung Pay. A maximum cashback of Rs. 500 can be availed till August 31, after which the offer does not stand valid.
The Samsung Pay mobile payments platform was launched in India[1] in March this year, and apart from several banks, it works with UPI[2], and Paytm as well. Samsung Pay supports both NFC and MST (Magnetic Secure Transmission) that allows a user to send a magnetic signal from smartphone to the payment terminal's card reader.
Alongside, Samsung announced that the NFC supporting Samsung Galaxy J7 Pro, which was launched[3] in the country...