Following its acquisition of mobile payments firm LoopPay, Samsung has today announced its own mobile payment platform, Samsung Pay. Utilizing both NFC and MST (Magnetic Secure Transmission), Samsung Pay will enable customers to use their smartphones to pay using existing magnetic strip readers. The service will take on Apple Pay, which launched late last year on the iPhone 6 and 6 Plus.

Initial Samsung Pay partners include credit card giants MasterCard and Visa, as well as American Express, Bank of America, Citi, JPMorgan Chase, and U.S. Bank. Samsung's press release describes how you'll eventually pay using Samsung Pay on your smartphone:

Adding a card requires a few simple steps. Once added, the user simply swipes up from the bezel to invoke the Samsung Pay app, chooses the desired payment card, and authenticates with the fingerprint sensor. Tapping the device to the point-of-sale (POS) terminals allows for a fast, secure, and easy purchase.

Samsung's also keen to tout the service's security credentials too, with account numbers not being stored locally, and tokenization, which uses a unique token instead of traditional card numbers.

Samsung Pay will debut in the U.S. and Korea this summer, before expanding to Europe and China on the Galaxy S6 and S6 Edge.