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Samsung's mobile payments service won't arrive until September

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Samsung Pay, the company's new mobile payments service that works with the Galaxy S6 smartphone, won't launch this summer, as previously announced. Instead, the company now plans to launch it in September, as per comments made during an investor call and reported by Bloomberg. Samsung also said that the payments service will expand to China, Europe, South America, and Australia later this year. It will initially be available in the US and Samsung's home country of South Korea.

The mobile payments world has stiff competition between Apple's service and Google's just-announced Android Pay initiative. Samsung Pay is very similar to Apple and Google's options, but in addition to NFC-based tap to pay services, it also works with any standard magnetic stripe card reader. That should make it work in more places than Apple Pay or Android Pay. But it is only compatible with the S6 and S6 Edge right now, and Samsung has yet to announce any other phones that can take advantage of it. A fall launch would likely line up with the launch of the next version of Samsung's Note phablet, and it's very likely that will support Samsung Pay too.