According to Bloomberg, a Samsung executive recently revealed that the company’s new mobile payment service will launch alongside its next flagship mobile product. That’ll likely be the Galaxy Note 5, which is expected to make its debut in early September. Samsung Pay’s launch markets will include both the U.S. and South Korea, with expansions to areas in Europe, China, Australia, and South America coming later in 2015. As for device support, Samsung says that the payment service will launch on the Galaxy S6, GS6 edge, and other products.
Samsung Pay will allow users to take advantage of two different technologies to make mobile payments. The first is Near Field Communication (NFC), which other payment services also use, and the other is Magnetic Secure Transmission (MST), a feature that’ll let you use traditional magstripe terminals instead of relying on units that’ve been equipped with NFC tech. That latter feature could help make Samsung Pay stand out a bit in the mobile payments pack, but Samsung will need to get Samsung Pay out in a hurry and educate its users on features like MST to keep them from solely relying on Android Pay.