Samsung is expected to make use of near field communication (NFC) technology to support mobile payments on the smartwatch. This is the same technology Apple uses for the Apple Pay function supported by its smartwatches.
The South Korean company has said that its Samsung Pay mobile payments service, which supports NFC technology, will be available with “select partners” in July 2015.
Earlier reports suggested Samsung was planning to discontinue its ‘Samsung Wallet’ service on June 30, 2015, to make way for the new Samsung Pay, which is scheduled to launch this year. Samsung informed its users that any tickets or reservations made by them via Wallet will be available after it shuts down, but everything else will be disabled post June 30.
Earlier in 2015, Samsung Electronics acquired US mobile wallet startup LoopPay.
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