After demonetization in India, cashless transactions have been increased rapidly in the past few days. Many online payment services have emerged to cash the cashless transactions and there are few services which are encouraging cashless transactions. Now the South Korean company Samsung is getting ready to debut with Samsung pay in India.
Samsung pay will join hands with American Express for operating its services in India. Samsung is also planning to partner with visa and Mastercard. Samsung pay is already working in many countries worldwide and now it is all set to enter the Indian market. Samsung made this decision as India is growing in cashless transactions after the demonetization effect.
The Indian users who are using Galaxy S7 and edge have got a popup when they updated to new Android version 7.0 saying that “Future of payments is coming soon”. In December, 2016 Samsung has successfully tested the Samsung pay app. Samsung has started a Samsung pay mini which supports all Android smartphones in South Korea. But the Samsung pay and Samsung pay mini has got slight variations and Samsung pay will not support all the smartphones as of now.
Samsung pay supports only premium devices like Samsung Galaxy Note 5, Galaxy S6 series and S7 series. But this would be a real problem for Samsung as there are few users who are using these premium devices in India. Samsung should work on delivering Samsung pay in all smartphones. The Samsung pay will be launched in India by June 2017.
Even Apple is in plans to release its own pay service, Apple pay. Apple may also release the Apple pay for cashless transactions but this project is still in R&D. More confirmation about Apple pay should be announced by Apple but it is not yet revealed that when Apple pay would debut in India. But according to experts, Apple will also soon launch Apple pay to fight with Samsung Pay in India.
However we should wait and see how these two giants would capture the cashless market as there are many services in India as of now for cashless transactions. Can Apple and Samsung collide with the existing services in India? Please let us know your opinion in the comments…