Samsung announces Samsung pay, mobile payment service

Samsung has announced that it is launching Samsung Pay, mobile payment system.

According to The Next Web, the service will be coming to the US on September 28 and Korea on August 20 and next it will be launched in Spain and China. The users can pay using the service by swiping up, scanning their fingerprint and pay on the terminal. The company says it uses tokenization to protect credit card numbers, a technique that means the users card number is never shared with the retailer.

It has a special technology along with NFC called Magnetic Secure Transmission, which means it works with most existing point-of-sale terminals so retailers do not need to do anything to get onboard. The users will need a Galaxy S6, S6 Edge, S6 Edge+ and Note 5 to use it.