Samsung Pay Mini to launch for Android and iOS next month
According to a new report published by ET News, Samsung will launch a new version of its mobile payment platform in South Korea next month that will be available for use on all Android-powered smartphones operating on Marshmallow and iPhones running iOS 8+. The service has been dubbed Samsung Pay Mini and will not take advantage of the Magnetic Secure Transmission (MST) technology that put Samsung Pay ahead of the competition. Instead, it will be used exclusively to process online payments, which is an area that the standard build of Samsung Pay lacks use in as this type of transaction only accounts for around 20% of all payments.
The way that Samsung Pay Mini will work is extremely simple. Users will store their credit/debit card information within the secure application, then when they go to purchase a product on their smartphone from an online store or marketplace, the payment gateway will automatically input their details, pay for the goods, then store a copy of their receipt. However, users will first have to authenticate themselves by way of a fingerprint or 6-character password. If things go well, and the service picks up traction relatively quickly, the company has plans to bring a client to both Mac and PC later this year.