NFC TIMES Exclusive Insight – Samsung has expanded its mobile payments service to India, where Samsung Pay will integrate a QR code-based mobile wallet service, along with conventional NFC bank card payments and Samsung’s proprietary mobile mag-stripe payments technology, MST.
The Samsung Pay app supports the Paytm mobile payments service and later will incorporate the government-backed Unified Payments Interface, or UPI, into the Samsung Pay app for more P2P payments services.
QR code-based payments in stores have seen high interest in India, where the number of point-of-sale terminals has “not been really adequate,” as was noted by the Reserve Bank’s deputy governor, Shri R. Gandhi, at the launch of Bharat QR, an interoperable, low-cost acceptance standard targeted at small and medium-sized merchants–merchants that balk at deploying traditional POS terminals due to what they perceive as the high costs associated.