Samsung Pay will use a near-field communication, or NFC, chip to talk with compatible registers. Samsung believes it has an advantage with its system because its system, which it obtained through the purchase of LoopPay last month, allows the Galaxy S6 and Galaxy S6 Edge to work with many more merchants and stores. 'Samsung Pay will reinvent how people pay for goods and services and transform how they use their smartphones,' JK Shin, co-CEO who runs the IT and mobile divisions at Samsung Electronics, said in a statement. For the likes of Apple and Samsung, the hope is that the addition of yet another feature will further build customer loyalty at a time when competition for smartphone customers is fierce. Samsung is just the latest major technology player to jump into mobile payments, which has languished for years with trials and limited deployments before Apple injected energy and raised the consumer awareness with its Apple Pay feature, found on the iPhone 6 and iPhone 6 Plus.

Samsung Pay will launch in the US and South Korea in the summer, with Europe and China to come later.

Read CNET's full coverage of Mobile World Congress 2015 here.

The announcement comes alongside the unveiling of the Galaxy S6 and Galaxy S6 Edge, which will be the first phones to use the feature. The world's largest smartphone manufacturer on Sunday unveiled Samsung Pay, its own take on allowing you to pay for goods and services by waving your smartphone near the register instead of swiping a credit card. The new Galaxy S6 and Galaxy S6 Edge will work with Samsung Pay.īARCELONA-Now it's Samsung's turn to take a stab at mobile payments.

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