To facilitate online transactions, Samsung Electronics Co Ltd will come up with a mobile application of its payment service, Samsung Pay.

As expected, the tech conglomerate will first launch the mobile app in its home country. In South Korea, the all new Samsung Pay mobile app will be known as Samsung Pay mini. The app will be compatible with both Android and iOS, as reported by Reuters.

The new Samsung Pay mobile app could be launched as early as next month. Samsung Pay is currently compatible with only Samsung devices including the latest Galaxy S7, S7 Edge, Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge+, Galaxy S6 Active and Galaxy Note 5.

The report also stated that Samsung would consider expanding its mobile payment service to smartphones made by other manufacturers.

Only time will tell if the tech giant will launch the Samsung Pay mini app in other markets .

Earlier this year, at the Mobile World Congress 2016, Samsung announced its global expansion plans. The company has long been planning to launch the service in Europe .

Now, marking its maiden venture into the European market, Samsung Pay will be launched in Spain next week, according to City A.M.

Samsung Pay was first launched in South Korea, following by the US and China. The mobile payment service is compatible with both Near Field Communication (NFC) and a proprietary technology called Magnetic Secure Transmission (MST) .

This gives Samsung Pay an edge over its rivals Apple Pay and Android Pay, which only work with NFC terminals.

Samsung’s mobile payment system uses the LoopPay mobile-payment platform, enabling users to make payments at point-of-sale terminals. This makes mobile payment more accessible to merchants and consumers. It is easy to use and works almost anywhere with a simple tap or swipe of a card.

Related: Samsung Pay vs Android Pay

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