Samsung India has announced the availability of Unified Payments Interface (UPI) on its flagship mobile payments service, Samsung Pay, in India. With this move, it now integrates card payments, mobile wallets and UPI on one app. The transactions made by users through UPI on Samsung Pay would be facilitated through Axis Bank.
Users can now create their unique virtual addresses, enabling them to make seamless bank-to-bank transfers. According to a press statement from the company, a unique benefit of enabling UPI on the Samsung Pay app is the integration with the users’ address book, which then identifies existing accounts on the contact list.
UPI is a payment system that powers multiple bank accounts on a single mobile application, merging several banking features, seamless fund-routing and merchant payments under one hood. This would also cater to the ‘peer-to-peer’ collect request, where users can request for payments from their contacts, adding to the convenience of Samsung Pay consumers.
At the launch, Dilip Asbe, Chief Operating Officer, National Payments Corporation of India (NPCI), said,
“We are excited to magnify UPI’s reach by going live on Samsung Pay. This initiative will surely contribute towards assisting our objective of providing convenience and safety to the customers while they make payments. We congratulate Samsung Pay and Axis Bank for emerging as one of the first UPI adopters in this segment.”
While Rajiv Anand, Executive Director – Retail Banking, Axis Bank, added,
Samsung Pay is a simple and secure way to pay using the existing point-of-sale (PoS) network. The addition of UPI to Samsung Pay, in association with NPCI, makes it an even more powerful proposition for customers to transfer money and make payments.
Samsung Pay, works on three levels of security—fingerprint authentication, card tokenisation, and Samsung’s defense-grade mobile security platform, Samsung KNOX. It works with Samsung’s patented Magnetic Secure Transmission (MST) technology as well as with Near Field Communication (NFC). Currently, it works with Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Cards, Citibank and Standard Chartered Bank.
Just this month, Prime Minister Narendra Modi, launched Aadhaar Pay, BHIM Aadhaar-based mobile app which allows consumers to pay through their biometric data, linked to their Aadhaar. Customers just need to input their Aadhaar number, select a bank and put in their biometric to validate the transaction, hence, disrupting the use of smartphones for making payments in the country.