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Samsung Pay Could Shake Up the Mobile Payment Industry in India and China

Injong Rhee, of Samsung Electronics, speaks about Samsung Pay during the Samsung Galaxy Unpacked 2015 event August 13, 2015 in New York.
Injong Rhee, of Samsung Electronics, speaks about Samsung Pay during the Samsung Galaxy Unpacked 2015 event August 13, 2015 in New York.

Samsung introduced some of its most innovative products of 2015 into India just now. That being said, the Gear S2 and Gear VR would not sell in millions but they will surely help Samsung remain on top of the smartphone game in the sub-continent. Samsung also introduced the s6 family of smartphones and the note 5 just after they were launched internationally, but the real star of the Samsung show in 2015 still remains absent from the shores of India and china.

Samsung pay.

I agree that Apple was responsible for igniting the mobile payment engine but the credit goes to Samsung for constructing the perfect mobile payment service in form of Samsung pay. Typically, Apple and Android Pay need separated hardware such as an NFC terminal to make a financial transaction but not Samsung pay. a compatible phone could make the payment with almost any card swiping terminal and it’s perfectly safe with the encryption and the fingerprint authorization features.

Now Samsung pay is available in a handful of countries such as South Korea and United States. But notably absent from the list are two of the most exciting countries when seen from tech perspective.  These two countries account for 41% of the world population and introducing the Samsung pay in china and India could drastically help Samsung’s fortune.

But there are some hurdles. Unlike other countries, cheap phone reign supremacy in these regions and Samsung would find it hard to sell high end phones such as the note 5 which are compatible with Samsung pay.

Introducing affordable phone with Samsung pay capabilities could make every single person in India and china a potential Samsung pay user.  Agreed the spending power of the common man in these regions is low but the sheer statistic dominate other factors and even if, 1% of the population uses this service in these regions, Samsung’s smartphone division could bring in profits that could only be possible for apple.

Samsung pay is scheduled to hit china and India in the first quarter of this year and we will update you as soon as any news breaks.