Samsung is apparently gearing up to launch a lighter version of its mobile payment solution. Dubbed Samsung Pay Mini, this app will reportedly work with both Android and iOS.

While Samsung Pay works only with Android and only with a handful of select Samsung Galaxy devices, the Mini version would sport greater compatibility and cross-platform functionality.

According to a new report from ET News, the new Samsung Pay Mini should make its debut sometime in June. Unlike the regular Samsung Pay, which allows for contactless payments using the Magnetic Secure Transmission (MST) standard, the Samsung Pay Mini app would focus exclusively on online payments.

As a reminder, one of the highlight features of Samsung Pay is particularly the MST standard, which is missing from both Apple Pay and Android Pay. MST allows for greater compatibility with merchants' systems, making it a significant selling point for a payments solution.

Nevertheless, Samsung is reportedly stripping the MST standard off the Samsung Pay Mini. Why? Well, Samsung Pay has mostly served for contactless in-store payments so far, while online payments reportedly accounted for less than 20 percent of all payments.

With this in mind, Samsung Pay Mini would cater exclusively to online payments, aiming to offer a dedicated solution and bridge the gap. The app will reportedly feature an easy solution to store credit and debit card information on the device, enabling users to pay for their purchases quickly and conveniently over the Web.

At the same time, the Samsung Pay Mini app will reportedly store the receipts as well, so you always know what you purchased and have that info in one place. Security, meanwhile, will reportedly involve a six-character passcode and/or fingerprint authentication.

ET News claims that Samsung will launch this app in June, making it compatible with Android devices running Marshmallow and iOS devices running iOS 8 or newer. A desktop version of Samsung Pay Mini could be in the cards for later this year, if the mobile app for Android and iOS proves to be successful.

Samsung has yet to make an official announcement in this regard, however, so take this news with a grain of salt for now.