SBI debit cards now on Samsung Pay
Mumbai: State Bank of India (SBI) on Tuesday said that its debit cards have now been integrated with Samsung Pay, which allows payments by waving a Samsung smartphone near a cash register at merchants instead of swiping a card.
SBI’s credit cards are already on this platform since March 2017.
According to Rajnish Kumar, managing director at SBI, the bank has 270 million active debit cardholders, of which 130 million cardholders will be immediately eligible to make payments through Samsung Pay. The remaining cards will be eligible once they are replaced with newer technology that will enable such payments. The replacement is currently on and the exercise is expected to be completed by December.
Samsung Pay works on around 2.5 million point-of-sale (PoS) terminals through its magnetic secure transmission (MST) technology. MST creates a dynamic magnetic field between the smart phone and the payment terminal’s card reader. The application also works on near-field communications that builds a high frequency wireless network between the phone and the payment terminal.
Apart from cards, Samsung Pay also supports Unified Payments Interface as well as mobile wallets through a single app.