SEOUL (REUTERS) - Tech giant Samsung Electronics Co Ltd said on Wednesday that it will expand its Samsung Pay mobile payments service to markets such as China and Europe after an initial launch in South Korea and the United States later this year.

Rhee Injong, a Samsung executive vice president, told investors at a company event in Seoul that the firm is looking at a "September time frame" for the initial launch of the mobile payments service in South Korea and the U.S., coinciding with the launch of the firm's next flagship smartphone model.

He said Samsung will also launch the service in areas such as South America and Australia without giving a specific timeline.