South Korean tech titan Samsung is working hard to regain its customer base the company lost in 2014 following the launch of the Galaxy S5. Therefore, it is not surprising that the company will be packing its upcoming flagship smartphone Galaxy S6 will the latest hardware as well as software systems. If latest rumors turn out to be true, the upcoming device will possibly have a new payment system based on the NFC and something akin to the Apple Pay.

According to IB Times, many news sources have reported the purported payment system, which Samsung may dub as "Samsung Pay," in detail. BGR reports that the payment system is will possibly work with up to 90 percent of the existing NFC and magnetic strip payment terminals. It further speculates that Samsung may have an arrangement with VISA, which will issue cards that are automatically compatible with Samsung Pay. SamMobile says that with a view to protect the payment system from viruses, spam and spyware, the company may also work with McAfee.

Reports regarding the Samsung Pay come in the wake of widespread rumors that Samsung is also planning renew the fingerprint sensor on Galaxy S6 - changing it from a swipe-based sensor to a touch-based, something akin to the Touch ID on the iPhone 6 as well as other latest smartphones from Apple.

Currently, iPhone users can use the Touch ID sensor on their devices to use of Apple Pay even without unlocking the handset. On the other hand, the existing swipe-based Finger Sensor on Samsung devices makes it necessary for the users to unlock the phone before they are able to proceed with any authorization functions.

In addition, some reports claim that Samsung may also be negotiating with the payments start-up LoopPay for employing its technology on Samsung Pay, says Re/code. This technology enables the users to send out information regarding their credit or debit card payment terminals without swiping their card. It is somewhat similar to a card swipe and, hence, compatible with payment equipment already available with the retail stores. On the other hand, special compatible hardware is needed for the NFC payment systems such as Apple Pay and Google Wallet.

While Samsung is expected to introduce Galaxy S6 at the upcoming World Mobile Congress in Barcelona in March, it is expected that Samsung Pay will be available sometime in 2015.