International Business Times -- Samsung Pay is coming to Samsung smartwatches later this year. The South Korean technology giant is planning to launch a wearable device that can also make mobile payments, according to unnamed sources speaking to the Electronic Times.

The smartwatch -- codenamed Orbis -- will use near-field communication (NFC) technology to facilitate contactless payments. This is the same technology used by Apple Inc. for Apple Pay on its iPhone 6 and the Apple Watch and Google's Android Pay. Samsung Pay was first introduced by the company with the launch of the Galaxy S6 and S6 Edge. But in addition to using NFC, the mobile payment system also uses magnetic secure transmission technology, which works with older credit card payment terminals that don’t have contactless credit card technology built in. Though Samsung uses both technologies in its latest smartphones, it’s unknown if it plans to do the same with its smartwatch as well.

Samsung’s smartwatch isn’t expected to launch until sometime in the second half of the year.

Read the rest of the story here: http://www.ibtimes.com/samsung-pay-coming-samsung-electronics-smartwatches-later-year-1956574