(Pocket-lint) - Samsung is soon to unleash its own contactless payment system to rival Apple's, which will first be available in the US and Korea, and on the newly announced Galaxy S6 edge Plus and Galaxy Note 5 supersized smartphones.

In the way it works it is similar to other payment systems. You simply swipe up from the bottom of the display on either the sleep or home screens and the default card will appear along with a message for the user to authenticate a payment with their fingerprint.

If a different card is needed, a simple left or right swipe will bring up others stored in the phone.

Once the payment has been biometrically authorised, the phone tells the user to tap it onto the contactless payment reader and bingo, a payment is made.

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The payment limit is set by the bank or vendor, not Samsung, so is different in different regions. But if a user needs to pay for an item above the set limit, they will need to enter a PIN code to confirm the larger amount.

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It's similar to Apple Pay in operation. And Samsung Pay will no doubt have the same banks on board when it launches in the UK, as well as the credit card companies such as Mastercard and Visa.

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Where it differs is in the technology inside the devices. As well as NFC, compatible Samsung Pay devices will also sport what the company calls MST - Magnetic Strip Technology.

This allows a contactless payment to be made with terminals that do not feature NFC readers. It can also send the payment information to conventional terminals in stores that have the old-fashioned magnetic strip instead.

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Samsung told us during our demo that this covers the vast amount of payment terminals out there in the world, including those used in UK stores even though the strip is less visible than on those in US venues.

Users just need to tap the phone next to the NFC reader if there is one, or the magnetic strip if not and the payment will go through in the same way. What's more, there is no danger of paying twice as the phone will prioritise an NFC signal if it finds one, while the magnetic technology is passive and will only be utilised if no other contactless payment signal is found first.

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In terms of security, Pocket-lint was told that not only are details protected by Samsung's Knox real-time hacking surveillance and rooting prevention, but no card details are stored on either a Samsung server or the device itself.

There is currently no timescale for a UK rollout of Samsung Pay, but we understand talks are ongoing between the manufacturer and the banking services. We wouldn't imagine that there will be any resistance though.

Writing by Rik Henderson.