Samsung launched its mobile payment service Samsung Pay in India earlier this year, ahead of Apple Pay and Android Pay. Apart from tying up with some of the biggest banks and card companies in the country, Samsung also added integrated two popular payment services – Paytm & UPI – into the Samsung Pay app. The service is compatible with American Express, MasterCard, and VISA credit and debit cards in the country. Now, the company has announced that Samsung Pay works with all Mswipe PoS (Point of Sale) terminals across the country.
Mswipe, a PoS terminal company from India, has over 200,000 terminals across the country. These terminals are NFC enabled, and they can now accept payments through Samsung Pay compatible smartphones. The adoption of NFC payments has been rather slow in India due to the lack of NFC-equipped PoS terminals. However, starting last year, financial institutions like ICICI Bank, SBI, and Visa have begun providing NFC-equipped terminals/cards in India. The Indian government is promoting a cashless economy, providing further boost to Samsung Pay-like solutions.
“Payment technology is evolving rapidly, and Samsung Pay is a great example of how innovation will continue to make digital payment more convenient and desirable for customers. At Mswipe, we have anticipated this and built terminals that are future-ready so that our merchants can accept payments seamlessly, even when there is a technology shift. By enabling Samsung Pay, we are offering lacs of users an option to make swift, secure and contactless digital payments at our terminals,” Manish Patel, Founder and CEO, Mswipe, said in a statement.
