April 20, 2024

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[THE INVESTOR] Samsung Electronics said on March 22 that it has released its mobile payment service Samsung Pay in India.

The South Korean tech giant said it clinched agreements with seven major Indian financial companies such as AXIS Bank and HDFC Bank, and SBI to provide the mobile payment solution on the subcontinent.

Samsung Pay uses magnetic secure transmission technology, allowing users to make transactions with smartphones even through traditional credit card machines. India will be the 13th country in the world that the payment system can be used in.

The tech giant said it will continue to roll out various add-on services through Samsung Pay for Indian consumers.

By Alex Lee and newswires (alexlee@heraldcorp.com)