SBI debit cards now on Samsung Pay
SBI 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
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.
- EU finance ministers strike deal on overhaul of banking capital rules
- Big oil consumers start to lock-in prices as Brent urges to $80
- PSU bank recapitalisation plan stumbles as losses mount
- Govt orders out-of-turn coal supply to PSUs, private plants to be hit
- Oil prices fall as Russia floats gradual production increase
Editor's Picks »
- Artificial intelligence predictions may not always lead to better decisions
- 2G case: Delhi HC defers hearing on CBI, ED plea against acquittals
- Friday Wrap: ‘Parmanu,’ ‘Solo’ make for dull movie week
- In order to grow, we need to get into other markets: Vince Voron
- IHH extends revised offer for Fortis to 30 June
- Motherson Sumi continues to face margin pressure in foreign markets
- What the Warren Buffett indicator tells us about market valuations today
- Jet Airways lands with a thud in Q4 as fuel costs increase
- IBC amendments: Some dilutions, and a lot more speed
- Patanjali’s gambit is paying off in toothpaste wars