Samsung Pay to support SBI debit cards

Mumbai: The State Bank of India (SBI) and Samsung India on Tuesday announced the availability of payment platform Samsung Pay for higher variants of SBI debit Card.

This will allow SBI debit card holders to make payments using Samsung smartphones at Point of Sale (PoS) card machines at merchant outlets.

"Both Samsung and SBI are household names in India and it is a momentous occasion for us to collaborate on Samsung Pay and extend an innovative solution that is transforming people`s lives worldwide," said Asim Warsi, Senior Vice President, Mobile Business, Samsung India.

SBI debit card users can also avail introductory cashback benefits upto Rs 500.

"We are committed towards increasing the share of digital initiatives in products, services and transactions. Tie-up with Samsung Pay is one such initiative which will give our customers an additional reason to go digital," said Rajnish Kumar, MD, National Banking Group, SBI.

Samsung Pay uses Magnetic Secure Transmission (MST) technology, enabling consumers to make offline payments using Samsung smartphones without the need for a physical Card.