Samsung Electronics Co. said Saturday it plans to release its mobile payment system Samsung Pay in major markets, including China, next month, speeding up its efforts to expand the presence of the platform amid the rise of rivalry services.

   Samsung Pay, first released in South Korea and the United States last year, boasts around 5 million users.

   The South Korean tech giant said the service will kick off in China next month, adding that it is also preparing to launch in Australia, Brazil, Spain and a handful of other countries.

   Samsung Pay supports magnetic secure transmission technology that works on traditional credit card machines. Like rivals Apple Pay and Android Pay, it also supports near field communication technology that requires a separate transaction device.

   The service also allows users to purchase items online through fingerprint screening, currently available to the users of several credit cards in South Korea.

   While the Samsung Pay platform was initially available for high-end smartphones, the company said it aims to have the service installed in its budget models as well, rolling out the Galaxy A5 and the Galaxy A7 last month. (Yonhap)