Mobile payments are here, the adoption of Apple Pay is evidence enough. But Samsung thinks it can do smartphone payments even better (of course), and that's why they've created Samsung Pay, a tech team up that will make mobile payments more accessible than ever.
Samsung will be equipping the Galaxy S6 with two mobile payment options: NFC and Magnetic Secure Transmission (MST). NFC you're familiar with—it's what Android phones and the iPhone 6 have used for mobile payments— but MST is a completely different animal previously found in LoopPay, which Samsung recently acquired.
Basically, how it works is when you open the Samsung Pay app, you select a card, and authenticate with Samsung's built-in fingerprint sensor. Then, in what I'm going to just describe as tech magic, the app generates a signal that even old card swipe terminals can recognize. This is awesome because now you can pay with your phone anywhere that isn't some cash-only establishment.
How this will work with chip-and-PIN cards is uncertain, but the service won't be ready until the summer so we have some time to learn even more. One thing is certain though, the S6 will be outfitted to take advantage.