Samsung Pay is an android payment system on Samsung Device that is powered by Samsung Knox. It involves the use of NFC to tap and pay for items using Samsung Pay compatible payment terminals.

Samsung Pay also enable users to swipe their phone along some traditional Credit Swiping machines meaning you can leave your credit cards at home. Samsung Pay works on almost all credit card readers because it uses a Magtape stripe reader and existing credit card machines are compliant and their is no need for specific hardware like Apple Pay requires.

Samsung Pay will now be available on all compatible devices will launch in Korea on August 20 and in the U.S. on September 28.

Source: SamsungTommorrow