This new venture will allow credit card holders to make digital payments with the help of Samsung smartphones at Point of Sale (PoS) card machines at merchant outlets.
“The partnership with YES Bank will enable more consumers to join Samsung Pay platform and go digital,” said Sanjay Razdan, Director, Samsung Pay Business.
The bank has announced an introductory cashback benefit offer for the credit card holders as per which the customers can get prizes upto Rs 1,500.
“Through our association with Samsung Pay, we are extending the latest technology and lending services in the payments industry to our YES Bank credit card members,” said Pralay Mondal, Senior Group President, Retail and Business Banking, YES Bank.
With the help of Magnetic Secure Transmission (MST) technology, Samsung Pay enables consumers to make offline payments with the Samsung smartphones without the need for a physical card.