Samsung Electronics is preparing to release “Samsung Pay Mini”. Samsung Pay is already a big hit, with different offers and a generous rewards program. The only downside is that it can only be used on select Samsung phones in select countries. To bring their app to the masses, Samsung will release the mini version that enables consumers to use its mobile payment system via other smartphones.

Samsung Pay Mini will be similar, but not the same thing as Samsung Pay. Unlike other mobile wallets, Samsung Pay supports MST (Magnetic Secure Transmission) alongside NFC, which means it works with any payment terminal that accepts contactless payments or the more traditional method of swiping your card through the reader.

Samsung Pay Mini will mostly target the online payment market, while the existing Samsung Pay targets the offline payment market. The app is expected to launch at CES 2017 in the first week of January.

Apples’s App Store has already rejected the app so for now it will be available to Android users only. Samsung confirmed Apple’s rejection and said it will not resubmit the app, but rather focus solely on Android. I have an LG phone myself so I’m excited to play around with the new app once it comes out.

Samsung also plans to start pre-installing its mobile payment service in all Samsung devices except for some low-end models.

HT: businesskorea, DoC