Samsung Pay will go live in South Korea on August 20, U.S on September 28

Samsung finally announced the launch of its native mobile payment service, Samsung Pay. It will go live in Korea on August 20 and in the U.S on September 28. Samsung also plans to make the service available in United Kingdom, Spain and China in the near future.

Samsung has partnered with American Express, Master Card, Visa major banks including Bank Of America, Chase, U.S Bank and other.

To make a payment via Samsung Pay, users have simply to swipe up on their Samsung smartphone, scan their fingerprint and pay. It uses tokenization Samsung Knox and fingerprint authentication to provide secure payments. Samsung's Mobile payment system comes equipped with Magnetic Secure Transmission (MST) and Near Field Communication (NFC) and works with most existing point-of-sale (POS) terminals. Samsung Pay is the first to support contactless payment for store-branded credit cards.

The service will be pre-loaded on select Galaxy S6 edge+ and Galaxy Note5 and a free software upgrade will be rolled out mid-August, to enable Samsung Pay on Galaxy S6 and S6 edge in the U.S and Korea. Select U.S users of Galaxy S6, S6 edge, Galaxy Note5 and Galaxy S6 edge+ will be able to participate in a beta trail from August 25.