While Samsung Pay allows its users to make offline credit or debit card transactions through its Android powered devices, Samsung Pay Mini allows its South Korean users, to transact online, using its devices.
In a significant development, South Korean electronics giant, Samsung Electronics Co Ltd disclosed that during the first quarter of this year, it will be launching a mobile web payments service for all Android powered smartphones in South Korea.
The service will be called Samsung Pay Mini. It will allow all Android devices to transact online in South Korea using one dedicated app.
Samsung did not comment on whether the service will be offered in other markets as well.
The move comes midst the company looking to bolster its services revenue stream.
For the first time since the fourth quarter of 2015, Samsung’s smartphone market share has fallen behind Apple Inc. Issues with the Galaxy Note 7 could have contributed to this scenario.
The new service will add further traction to Samsung’s existing Samsung Pay platform, which allows consumers to make offline credit or debit card transactions through its smartphone or smartwatch.
Samsung’s platform rivals similar mobile payment platforms from Apple and Google.
Previously the company had stated that they are open to provide the Samsung Pay services to non-Galaxy smartphones. The company had also planned to enable online transactions in its mobile payments platform.
Samsung stated that for now, the offline capability will continue to remain limited to Samsung devices.
Significantly, as of now, Samsung does not make any money from Samsung Pay users. It provides this value added service in the hope of driving users to its product lines.