Kotak Mahindra inks partnership with Samsung India
Kotak Mahindra Bank and Samsung India have announced expansion of Samsung Pay platform for Kotak’s Visa Credit and Debit Cardholders. According to the company, with this, Kotak customers can now tap and pay using their Samsung smartphones at merchant outlets having card acceptance machines.
The company has revealed that the collaboration significantly enhances consumer convenience and gives a fillip to the country’s “Digital India” mission. In addition to Kotak’s other digital payment solutions including UPI, Bharat QR Code, and One Time Fund Transfer on the bank’s mobile banking platform, Samsung Pay will enable Kotak customers to make contactless and cardless payments.
Commenting on this, Sanjay Razdan, Director, Samsung India, said, “Samsung Pay, with its many ‘Make for India’ innovations, is revolutionizing the way people carry out their day-to-day payments and transactions. Samsung Pay supports credit & debit cards, wallets and UPI-based transfers, making it the one-stop payments system for all consumer needs. Our partnership with Kotak Mahindra Bank will enable more consumers to join the Samsung Pay platform and go digital, giving a big push to the Government of India’s initiatives of a cashless society.”
Samsung Pay will further strengthen Kotak’s digital savings account product 811 by enabling the virtual debit card for contactless payments.
Samsung Pay works on 2.9 million Point of Sale (PoS) card machines across the country through its Magnetic Secure Transmission (MST) technology. It is currently available on a wide range of Samsung smartphones, enabling consumers to make in-store payments without the need for a physical card.
Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank, said, “Kotak is constantly looking at ways to enhance the payment experience for its customers. This includes digital payments with debit and credit cards, thereby providing customers a faster, convenient and frictionless mobile payment experience at merchant outlets. We are seeing an exponential growth in our active credit and debit card users. With Samsung Pay, we are offering them a new way to transact. We are confident of the potential of this technology that allows our customers to leave their cards at home and use their smartphones to make in-store contactless payments.”
As per the company, since its launch in March 2017, Samsung Pay has grown rapidly. Samsung Pay comes with Samsung KNOX, Samsung’s defence-grade security system that is designed to keep consumers’ transactions safe.