According to reports, Samsung would use near-field communication (NFC) technology to support mobile payments on the smartwatch. This is the same technology Apple Inc uses for the Apple Pay function supported by its smartwatches.

Samsung teased the market with hints of a new version of its Gear smartwatch on the same day that rival Apple Inc's long-awaited wearable devices went on sale but fresh reports reveal that the company plans to delay the launch until the hype around the Apple Watch dies down.

According to SamMobile, Samsung has postponed the launch to the second half of the year.

Earlier, the South Korean tech giant's official blog post showed images of smartwatch with a round face - which would be a first for Samsung - and naming several partners, including Baidu Inc, Yelp Inc and CNN.
Samsung also said it would release a wearable software development kit for third-party developers ahead of the launch. The blog post came as the Apple Watch went on sale without the fanfare typical of the U.S. firm's major product rollouts.