India-based IndusInd Bank has formed a new collaboration to launch Samsung Electronics’ ‘tap-and-pay’ service, Samsung Pay, for its credit card users in the country.

Intended to improve customer convenience, the payment capability is available for Samsung smartphones and can be used at merchant outlets with point-of-sale (PoS)-enabled terminals.

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Samsung Pay is compatible with approximately 3.1 million PoS card machines that support magnetic secure transmission (MST) or near field communication (NFC) technologies.

It comes with three levels of security, fingerprint authentication, card tokenisation and Samsung KNOX.

IndusInd Bank head of marketing & corporate communication and retail unsecured assets Anil Ramachandran said: “IndusInd Bank has always been at the forefront of responsive/digital innovations.

“The coming together of Samsung, which is one of the world’s most trusted Smartphone companies with IndusInd Bank has created huge convenience for our customers.”

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Samsung India senior director Sanjay Razdan said: “Samsung Pay is simple, secure and its biggest USP is that it is accepted almost everywhere a user can tap or swipe physical cards.

“Samsung Pay gives freedom to customers to leave their physical Credit and Debit cards at home and make payments almost everywhere.

“Our partnership will enable IndusInd Bank customers to make seamless digital payments in a more secured manner.”