Samsung To Launch Mobile Payment System In U.S. Sept. 28

South Korean-based company Samsung will launch its new mobile payment system, Samsung Pay, in the U.S. on Sept. 28. The announcement was made at the company’s Galaxy Unpacked event earlier this week in New York City.

“It is easy, safe, and most importantly, available virtually anywhere you can swipe a card,” said Samsung's mobile business CEO, JK Shin at the event.

Samsung Pay uses a near-field communication (NFC) chip, CNET reports, and LoopPay technology called Magnetic Secure Transmission which turns in-store payment terminals where consumers normally swipe a credit card into contactless readers. Stores, restaurants and other retail outlets require no special equipment to accept payments with LoopPay-enabled smartphones or devices.