Samsung Pay will be rolled out here before the end of June.
At launch, those holding Visa and MasterCard credit or debit cards issued by DBS/POSB, OCBC and Standard Chartered banks will be able to use a compatible Samsung phone to pay at almost all retail outlets that accept credit cards.
In an exclusive interview with The Straits Times, Samsung mobile chief Dongjin Koh revealed the company's plans to launch its mobile payment service here.
Singapore will be the fourth country to have Samsung Pay. It was launched in South Korea last August, followed by the US in September. Last month, Samsung Pay made its debut in China.
Mr Koh said Singapore is one of the first countries to have the service because he sees it as a very important country and a "test bed for new technologies".
"If you do not make it a success in Singapore, I would not expect another great success in South-east Asia, or other markets," he said.
Samsung Pay allows users to register their credit card details on selected Samsung smartphones. Once registered, users can tap the phones for payment on almost all credit card payment terminals here.
Four Samsung Galaxy smartphones - the S6 edge+, Note 5, S7 and S7 edge - are compatible with Samsung Pay at launch. Fingerprint authentication is required for each transaction.
"You will be able to use the Singapore Samsung Pay service almost anywhere in the world where Visa and MasterCard cards are accepted," said Mr Chris Tarr, regional director of Samsung Pay in South- east Asia and Oceania.
Around six million credit and debit cards issued here can be used with Samsung Pay.
As of February, Samsung Pay has over five million registered users and recorded more than US$500 million (S$672 million) worth of transactions globally.
"Samsung Pay has the potential to go much further than past implementations in Singapore since it overcomes key take-up barriers, such as fragmented multiple registrations, services fees and security concerns," said Ms Quah Mei Lee, principal analyst at research firm Frost & Sullivan Asia Pacific.
Mr Jasni Ismail, who owns a small business and uses the Samsung Galaxy Note 5 smartphone, said he plans to sign up for the service when it becomes available.
"Having everything in one device is something I am looking forward to," said the 55-year-old. "Initially, I was worried about security issues, but I think having the fingerprint sensor helped ease my fears."