!!! Overview
Samsung embedded [LoopPay]'s technology into the new Galaxy S6 and Galaxy S6 Edge and we are sure some later smartphones. 

The new [Mobile-Digital Wallets] will still rely on [NFC] chips to enable users to conduct tap-and-pay transactions at [contactless-enabled point-of-sale terminals|Contactless POS]. But if [Contactless POS] is unavailable, [LoopPay]’s [Magnetic Secure Transmission] ([MST]) technology can "communicate" with [Magnetic Stripe Card] as is currently present on all [POS Terminals]. [{$pagename}] will sense which option is available and adjust accordingly.[1]

[{$pagename}]'s dual approach means more [Merchants] will be able to accept the mobile wallet without an equipment upgrade. A large portion of Tier 1 merchants have already updated their terminals ahead of the [EMV Liability Shift] in October, but the option to switch on the contactless function lies with the retailer. [{$pagename}], however, would work regardless of the situation.

!! More Information
There might be more information for this subject on one of the following:
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* [#1] - [It's official: Samsung Pay is real|http://www.mobilepaymentstoday.com/articles/its-official-samsung-pay-is-real/|target='_blank'] - based on 2015-03-04