Samsung Pay may not launch until September, alongside its next high-end device, according to one of the company's Executive Vice Presidents.

While there has been no concrete launch date since it was first announced, new reports are saying that Samsung Pay won't debut until September now. During an investor call, Samsung Executive Vice President Rhee In Jong said that the company will launch the new payment system in conjunction with its next high-end mobile device. Back in February, Samsung acquired LoopPay, and the company has already announced a bunch of partners such as Visa, MasterCard, American Express, and many others.

At Google I/O, Google announced its own upcoming payment system, Android Pay, which will launch alongside its next version of Android. Samsung will need to focus on bringing this service to its older devices quickly to avoid Google stealing all of the spotlight.

Source: Bloomberg