Brand new online transaction application 'Pay Mini Services' has been launched in South Korea, the new PMS application is the unique production of Samsung electronic Co Ltd.

On Thursday, it announced the launch of new service, PMS will be an inbuilt application, which will be powered by Google's Android Operating System. Till this time, the company hadn't announced, if the new service will be offered in other markets.

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Samsung's new PMS will give a tough competition to the existing transaction application 'Google's Android Pay and Apple's Apple Pay'. However, Non-Galaxy smartphones may not get this application for offline usage but will be available for online transactions.