South Korean tech titan Samsung has confirmed that Samsung Pay will be incorporated in all its smartwatches later this year. Currently, the company is reportedly planning to launch a new wearable device that will be able to make mobile payments.

IB Times reports that the Economic Times recently quoted anonymous sources claiming that the upcoming Samsung smartwatch, which has been code named Orbis, will make use of near-field communication (NFC) technology with a view to make contactless payments easier. In fact, the same technology is used by Apple Inc. on the iPhone 6 and Apple Watch, while Google employs Android Pay.

Apart from using the NFC technology, Samsung Pay also uses magnetic secure transmission technology, which is compatible with older credit card payment terminals that come without the built-in contactless credit card technology. While Samsung have been using both these technologies in its most recent smartphones, as of now it is not known if the South Korean tech manufacturer plans follow the same with its upcoming smartwatch too.

However, it is expected that Samsung will launch its new smartwatch only sometime in the second half of 2015. Earlier, the company had announced that it would launch Samsung Pay in South Korea as well as the U.S. during this summer. According to Bloomberg, the company changed its plans later and pushed back the roll out off its mobile payment system to September.

With the launch of Samsung Pay, the South Korean company will be joining an increasingly crowded mobile payment market that is already packed with several players like Apple Pay, Google's Android Pay and some others. Interestingly, now traditional watchmakers are also joining the mobile payment service business, as the Swatch Group is planning its own smartwatch that will support NFC as well as mobile payment apps that will be functional with Windows and Android devices.

It is expected that the smartwatch industry will take off in 2015, increasing to become an $8.7 billion market globally. According to Smartwatch Group, the market was to the tune of $1.3 billion last year.