In Short

Samsung Pay is a mobile payment system from Samsung that can be used point-of-sale locations across the globe. The system uses both NFC (much like Apple Pay) but can also emulate a credit card for older POS systems as well. Samsung Pay — an alternative to Android Pay — works with the latest Samsung devices, including the Galaxy S6, S6 Edge, S6 edge+, and Note 5.

Each phone includes the requisite hardware to work with magnetic card readers — simply hold the phone next to the card reader with your finger on the fingerprint scanner and it will run through the magnetic stripe sequence. The card reader won't know the difference. And each payment is processed with a tokenized card number, a one-time use card number that will protect your account should a retailer's systems be compromised.