Samsung Electronics said on Wednesday that it will expand its Samsung Pay mobile payments service to markets such as China and Europe after an initial launch in South Korea and the United States later this year. Samsung Pay will be available upon the release of Samsung's next flagship model - possibly the new Galaxy Note model. The ne wdevice is expected to be officially unveiled at the Internationale Funkausstellung (IFA) Berlin in September.

Samsung will gradually expand sales to China, Europe, Australia and Latin America, Rhee In-jong, vice president of Samsung's mobile segment, said at an investors forum.

Samsung first introduced Samsung Pay in March when revealing the Galaxy S6 and S6 Edge smartphones for the first time. The company, however, then said the mobile wallet service will be available later in 2015.

Samsung Pay supports virtually all forms of payment, such as near field communication (NFC), magnetic secure transmission (MST) and barcode technologies. This could gine the S. Korean company an edge over competitive technologies.