We have undergone a lot of changes in our financial management since the announcement done by our honorable Prime Minister, Mr Narendra Modi on 7th Nov 2016. He discontinued the Rs 500/- and 1000/- notes and introduced new Rs 2000/- notes. Due to mismanagement in the supply chain, the requirement of the currency notes was nit fulfilled. Cashless payment methods got a big boom as their usage multiplied in multiple folds.
Samsung has also come up with a new innovation in Cashless transactions, Samsung Pay. This app enables you to link you Credit and Debit cards with your Samsung Phone. After linking you cards with the phone you don’t need to carry your cards also. You just need to open the app, choose you card on the app and place your phone next to the EDC (Credit Card) machine. Using the connectivity system of the machine your phone sends the credit card credentials to the bank and the transaction can be completed by just entering you mobile pin. So, you can do all your Credit Card and Debit card transactions without carrying your cards. You can also pay by net banking as the app also has UPI (Unified Payment Interface). Paytm can also be linked to the app.
Samsung Pay is a highly secure platform as it works on three level security. After selecting the card the transaction on the app can only be initiated by a your fingerprint authentication. The next is card Tokenization (Your Pin No.), supported further by Samsung KNOX (Samsung Defence-Grade mobile security platform. Moreover, you don’t need to carry your cards along. Considering the growth in cash less, Samsung Pay looks like a very promising app for Sumsung mobile users.
This can definitely the most handy cashless transaction app for Samsung users. Another reason for the competitor mobile companies to envy about.-