Singapore will soon get Samsung's flagship mobile payment service, Samsung Pay. As per the announcement by Samsung, the cashless payment service will be officially launched in Singapore by the second quarter of 2016.

Samsung Pay allows users to register their credit card details on select Samsung smartphones. Once registered, users can tap the phones for payment on almost all credit card payment terminals. The transactions will be secured and can only be processed with the use of a pin or a fingerprint scan.

Singapore will be the first south Asian country where this service will be launched by Samsung. Initially, Owners of Galaxy Note 5 4G+, Galaxy S6 edge+ 4G+, Galaxy S7 4G+ and S7 edge 4G+ will be able to use this service.

As per the reports, Samsung is already in talks with major payment processors like American Express, Visa, and Master Card. DBS, OCBC Bank, and Standard Chartered Bank will be among the banks offering the payment solution. Which means around six million credit and debit cards issued in Singapore will be compatible with Samsung Pay.

A study, commissioned by Samsung, among 400 Singaporeans, indicated that 70% users were interested in using Samsung Pay, once available. Samsung has plans in place for a smooth rollout of the service. A beta version for users to test the service will be rolled out and the company also plans to train cashiers at the partnering merchants.

After Singapore, Samsung plans to launch this cashless payment service to Australia, Brazil, Singapore, Spain and the United Kingdom. However, No specific dates were given.