Samsung announces 'Samsung Pay' collaboration with MasterCard

Take out "Apple" in "Apple Pay," add in "Samsung," and you have the new mobile-payment system announced by the Korean firm on Sunday, The Guardian reports.

Samsung is teaming up with MasterCard to offer Samsung users a way to pay with their mobile phone for in-store transactions. Only Samsung Galaxy S6 smartphones will support the service for now.

Samsung previously collaborated with PayPal and Google Wallet on similar mobile payment initiatives, but The Guardian notes that Apple Pay revitalized interest in the technology, spurring competitors to revamp their own offerings.

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