Samsung Electronics Co. said Wednesday it has released its mobile payment service -- Samsung Pay -- in India, tapping into one of the fastest-growing smartphone markets in Asia.
The South Korean tech giant said it clinched agreements with seven major Indian financial companies such as AXIS Bank and HDFC Bank, and SBI to provide the mobile payment solution on the subcontinent.
Models demonstrate Samsung Pay in this file photo released by Samsung Electronics on Dec. 1, 2016. (Yonhap)
Samsung Pay uses magnetic secure transmission technology, allowing users to make transactions with smartphones even through traditional credit card machines. India will be the 12th country in the world that the payment system can be used in.
The tech giant said it will continue to roll out various add-on services through Samsung Pay for Indian consumers.
Samsung Pay is already available in countries such as the United States, China and South Korea. The company plans to introduce the service in more countries down the line. (Yonhap)