What is Samsung Pay Mini? All you need to know

Samsung Pay has been hogging the headlines in the United States, and if a recent report is to be trusted, Samsung may launch Samsung Pay Mini soon for all Android and iOS handsets.

Samsung Pay Mini will be used to process online transactions but, unlike Samsung Pay, will not feature MST technology.

As per The Electronic Times, Samsung Pay Mini may be released as early as next month to strengthen online payments and will work on all Android phones, iPhones and PCs. As of now the percentage of online transactions on Samsung Pay is only around 20 per cent, something which Samsung aims to increase by launching a new payment platform exclusively for making online payments. The website adds that the app will be available for free and will run on any mobile platform.

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Once you download Samsung Pay Mini, you can add as many cards to it as you want and like with Samsung Pay, you will need to undergo fingerprint certification or create a new ID and password. As of now, Samsung Pay Mini hasn't rolled out yet so it is difficult to predict how many banks would want to partner with the new platform. 

“By releasing SamsungPay Mini, Samsung Electronics has completed a versatile platform that absorbs online and mobile payments. Besides of online payments, SamsungPay Mini will be a catalyst for Samsung Electronics in tying together variety of additional businesses,” said a source to the Electronic Times.

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Even though Samsung Pay Mini will initially launch in Korea, the fact that it will support all Android and iOS platforms makes it increasingly likely to launch in the rest of the world. While Samsung Pay relies on a different payment gateway to process online payments, Samsung Pay Mini will ensure that the payment gateway will automatically process such payments and will store accompanying receipts. At the same time, users of budget or mid-range Android phones manufactured by any OEM will be able to use the contactless payment system to make online payments.

The Samsung Pay platform is set to launch in the UK shortly and will be based on MasterCard's MDES technology which has resulted in tokenization of credit, debit, co-brand, prepaid and small business cards for use in e-wallet services. Once it launches in the UK, Apple Pay will not be the only rival it'll look out for. Barclaycard introduced new bPay wristband, bPay fob and bPay sticker for bPay users to make transactions of up to £20 through a secure digital wallet. Google also launched Android Pay in the UK earlier this month to let people make cashless transactions at retail stores, food outlets and supermarkets. Basically, it is a modified Google Wallet and lets you shop easily without having to carry your wallet around.

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