Samsung Pay now available for SBI debit cards
August 2nd, 2017
Smartphone-maker Samsung, which recently launched its digital wallet app Samsung Pay in India, has tied up with State Bank of India to store higher variants of SBI debit cards on the app. This collaboration turns the Samsung smartphones into electronic card-holders and users can pay at point-of-sale (PoS) terminals with just a tap on the cards stored in Samsung Pay. While this collaboration is yet another step for SBI to boost its digital payment services, it also gives Samsung an edge over its competitors to gain market share in the highly competitive smartphone segment. With this collaboration, over 130 million SBI debit cardholders will be able to tap and pay using a wide range of Samsung smartphones at merchant outlets having card acceptance machines. Samsung Pay works on 2.5 million PoS card machines across the country through its magnetic secure transmission (MST) technology.