Samsung Pay hasn't launched yet, but there is a significant possibility the mobile payment platform could have a major advantage by using technology developed from LoopPay.
LoopPay, which Samsung acquired, uses Magnetic Secure Transmission (MST) technology that will allow any Samsung smartphone to make a payment on current credit card readers. In addition, you can simply use a digital barcode - which can be scanned at checkout - as a method to make a payment.
Even if most of you haven't experimented with mobile payments just yet, the industry as a whole is expected to reach $37 billion this year. Of course, that number is half what Business Insider expected - and it won't magically become easier to convince users to try a non-traditional payment.
Both Apple Pay and Android Pay force interested retailers to upgrade their point-of-sale machines so they accept near-field communication payments. While some retailers are making the change, others haven't been as fast to make changes.