The Samsung Pay is going to be based on the LoopPay technology, which enables customers to pay at sale terminals by touching LoopPay-enabled cards.
However, Samsung's way of paying with utilize the new Galaxy S6 fingerprint sensor. According to the latest round of rumors, the company's upcoming flagship will sport a .
The sensor will still offer the extensive TouchWiz functionality, including Private mode, Pay with PayPal, as well as signing into Samsung Account and supported websites.
Furthermore, LoopPay is said to be preparing touch-enabled payment cases for the Galaxy S5 and Galaxy Note 4 as part of the Samsung deal.
The new mobile payment system doesn't require NFC to be built into phones, but mimics a credit card swipe instead, so it could be accepted at much more merchants than Apple Pay worldwide, currently to the tune of 10 million. Insiders mention it will be available through different providers in different regions, which makes sense, if it will be indeed similar to LoopPay's tech, which you can see detailed in the video above.