The State Bank of India (SBI) and Samsung India on Tuesday announced the availability of Samsung Pay for higher variants of SBI debit card, giving a major boost to government's 'Digital India' initiative.
Samsung Pay works on 2.5 million Point of Sale (PoS) Card machines across the country through its Magnetic Secure Transmission (MST) technology.
Samsung Pay is currently available on a wide range of Samsung smartphones, enabling consumers to make offline payments without the need for a physical Card.
"To help more consumers avail of our innovative payment system, we have also introduced Samsung Pay to our mid-segment smartphones like the Galaxy J7 Pro. We recently introduced Samsung Pay Mini to cater to the unique requirements of mid-segment consumers too," said senior vice president, mobile business, Samsung India, Asim Warsi.
"Bank aims to be the Banker to Digital India and has been at the fore-front of all digital initiatives in the banking space. We are committed towards increasing the share of digital initiatives in products, services and transactions, supported by technologically advanced backend operations. Tie-up with Samsung Pay is one such initiative which will give our customers an additional reason to go digital,'' said MD, National Banking Group SBI, Rajnish Kumar.
Samsung Pay consumers holding eligible SBI Debit Cards can avail a flat Rs. 100 cashback on minimum transaction amount of Rs. 500. The cardholder can avail maximum cashback of Rs. 500 per card, during the offer period from August 1 to 31.
With this collaboration, 130 million SBI debit cardholders will be able to tap and pay using a wide range of Samsung smartphones at merchant outlets having card acceptance machines.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)