South Korea's top tech giant Samsung Electronics Co. said Tuesday 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, scheduled to debut on Thursday in South Korea, supports not only the near field communication technology like its rivals but also magnetic secure transmission and bar code technologies.

The 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. Samsung's progress was made possible as it had bought U.S. mobile technology firm LoopPay Inc., which has patent rights related to MST.

Samsung Pay is available through the Galaxy Note 5 and the Galaxy S6 Edge+ that were showcased last week, and software upgrades will be provided to the users of the two smartphones.

The service will officially reach the United States on Sept. 28. (Yonhap)