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South Korea’s Samsung Electronics  the country’s 10 credit card companies have agreed to support its new mobile payment system whose launch is slated for later this week.

The Samsung Pay service is scheduled to debut on Thursday in South Korea. Not only does it support the near field communication (NFC) technology like its rivals but also magnetic secure transmission (MST) and bar code technologies.

MST technology is significant as it is compatible with conventional credit card devices, and therefore, it can be used in a larger number of shops compared with Apple Pay. The service will officially reach the United States on September 28 2015.


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