Differences between Samsung Pay and Samsung Pay Mini; How Samsung Pay competes with Google Pay and LG Pay

Samsung Electronics is launching its 'Samsung Pay Mini', a mobile payment service that can be used on any Android operating system (OS). Thus, Google's Android Pay, which is about to enter the Global market, and LG Electronics' LG Pay which is about to launch, are expected to heat up the mobile payment service competition with Samsung Pay and Samsung Pay Mini.

Samsung Electronics on February announced that it is launching the Samsung Pay Mini service soon, which can be used on any Android-based smartphones, in the first quarter of this year. Samsung Pay service is currently available only on Samsung's Galaxy S7 Series, Galaxy S6 Series, Galaxy Note 5, Galaxy A5 and Galaxy A7.

When Samsung Pay Mini is launched, users of others smartphones will be able to download from the Google Play store and use the payment service. Android OS above  Samsung Pay Mini supports all the existing Samsung Pay features such as online payment, Samsung Pay membership, and transportation charge payment. However, Samsung Pay mini does not support off-line payment and will be made through existing Samsung Pay only. Samsung Pay uses Near Field Communication (NFC) and Magnetic Security Transfer (MST) technology.

As the Samsung Pay service becomes available on other smartphones, competition for such payment services based on the Android operating system (OS) is expected to become still tougher and stronger.

Samsung Pay Mini is expected to compete with Google's soon-to-be-launched Android Pay. Android Pay began its services in the US and the UK, Singapore, Australia, Hong Kong, and Japan. It is also reported that Google is considering launching Android Pay in other Global markets soon. Android Pay is compatible with devices powered by Android OS version 4.4 or later, which is a big strength of Android Pay. Whereas Samsung Pay Mini supports Android 5.0 and above only.

LG Electronics' LG Pay is also going to join the mobile payment service war soon, which is expected to create a three-runner race with tighter competition in the smartphone-based payment service market. LG Electronics is unveiling its new model 'LG G6' and LG Pay in Spain on February 26. It is predicted that LG Pay will be very similar to Samsung Pay which uses Near Field Communication (NFC) and Magnetic Security Transfer (MST) technology.