Kotak Mahindra Bank (Kotak) and Samsung India (Samsung) on Wednesday announced the expansion of Samsung Pay platform for Kotak's Visa Credit and Debit Cardholders. With this, Kotak customers can now tap and pay using their Samsung smartphones at merchant outlets having card acceptance machines.
The collaboration between two leading innovators in the digital landscape - Samsung and Kotak, significantly enhances consumer convenience and gives a fillip to the country's 'Digital India' mission. In addition to Kotak's other digital payment solutions including UPI, Bharat QR Code, and One Time Fund Transfer on the bank's mobile banking platform, Samsung Pay will enable Kotak customers to make contactless and cardless payments.
Samsung Pay will further strengthen Kotak's digital savings account product 811 by enabling the virtual debit card for contactless payments.
Samsung Pay works on 2.9 million Point of Sale (PoS) card machines across the country through its revolutionary Magnetic Secure Transmission (MST) technology. It is currently available on a wide range of Samsung smartphones, enabling consumers to make in-store payments without the need for a physical card.
"Samsung Pay, with its many 'Make for India' innovations, is revolutionising the way people carry out their day-to-day payments and transactions. Samsung Pay supports credit and debit cards, wallets and UPI-based transfers, making it the one-stop payments system for all consumer needs. Our partnership with Kotak Mahindra Bank will enable more consumers to join the Samsung Pay platform and go digital, giving a big push to the Government of India's initiatives of a cashless society," said Sanjay Razdan, Director, Samsung India.
"We are seeing an exponential growth in our active credit and debit card users. With Samsung Pay, we are offering them a new way to transact. We are confident of the potential of this technology that allows our customers to leave their cards at home and use their smartphones to make in-store contactless payments," added Deepak Sharma, chief digital officer, Kotak Mahindra Bank.
Since its launch in March 2017, Samsung Pay has grown rapidly. Samsung Pay comes with Samsung KNOX, Samsung's defence-grade security system that is designed to keep consumers' transactions safe.
Samsung Pay is available on Galaxy Note8, Galaxy S8, Galaxy S8+, Galaxy S7 edge, Galaxy S7, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017), Galaxy A7 (2017), Galaxy A9 Pro and Galaxy J7 Pro.