India represents Samsung's 14th mobile payment country launch since August 2015 - an impressive pace. According to VentureBeat, Samsung has also lined up an equally impressive array of payments providers in India, including Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Cards, Standard Chartered Bank, and Citibank India. Money quote from Thomas Ko, vice president and global GM of Samsung Pay:
"When we launched Samsung Pay, our goal was to enable consumers across the globe to make payments that are simple, secure and accepted almost everywhere. Over the past year and a half, this vision has evolved into building a complete digital wallet solution, allowing customers worldwide to not only make payments but also use membership and transit cards, receive deals and rewards, and more."
"The Indian market represents something of a unique challenge for any mobile payment service, as specific local considerations have to be taken into account. The Indian government has what is known as the Unified Payment Interface (UPI), which is basically a way for banks to transfer money directly to one another based on a single identifier, bypassing the need for a billing processor and making the transaction cheaper. At launch, Samsung has integrated a UPI into the Samsung Pay app, as well as Indian commerce platform Paytm."