Samsung Pay expected to launch in U.S. and South Korea this September

Samsung Pay, the company's mobile payment system, will launch in the U.S. and South Korea this September, a new report says. China and Europe will get service by the end of the year.

According to Reuters, Samsung Senior Vice President Rhee Injong told investors Wednesday that the company plans to switch on Samsung Pay in the "September timeframe." Samsung Pay was first announced alongside the company's introduction of the Galaxy S6 and Galaxy S6 Edge.

As it geared up for Samsung Pay, the company bought LoopPay in February. While the Galaxy S6 and S6 Edge have built-in NFC for contactless payments, Samsung Pay's LoopPay integration also means users will be able to make purchases with their smartphones at retailers that don't have NFC-based terminals; they need only hold their smartphones near magnetic terminals and it'll detect the phone as if it were a credit card. Read more...