For the facilitation of online transactions, Samsung Electronics Co Ltd has developed the mobile application for its payment service, Samsung Pay.
As expected, the initial launch of the application will happen in South Korea, the conglomerate’s home country. The app will be known as Samsung Pay mini in the country. As reported by Reuters, the app will be compatible with both iOS and Android.
The new Samsung Pay app may be released by next month. As of now, the application is compatible with just the Samsung devices including, Galaxy S7, S7 Edge, Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge+, Galaxy S6 Active and Galaxy Note 5.
The report has also briefed about Samsung’s plan for extending its services to devices from other manufacturers.
As of now, the expected time for complete global availability of the application is not known.
At MWC 2016, the company spoke in great lengths about its expansionistic planning and also gave hints that it is looking to enter the European market with the service for quite some time.
According to a report by City A.M., the debut of the Samsung Pay services will be in Spain, in the following week.
As we mentioned earlier, the service was initially launched in South Korea, followed by the U.S. and Chinese markets. The application is compatible with both NFC (Near Field Communication) and Samsung’s proprietary technology called MST (Magnetic Secure Transmission).
The inclusion of the added technology gives the service an edge over both of its rivals, Apple Pay, and Android Pay as they both are compatible with only NFC.
The payment system developed by Samsung makes use of the LoopPay mobile-payment platform, which enables them to make easy payments at point-of-sale terminals. This proves to be a boon for both the customers and the merchants as the services prove to be more accessible.
