Verizon has started rolling out an update that will bring Samsung Pay to specific Samsung devices on the network.

Verizon subscribers who own a Samsung Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge+ or Galaxy Note 5 can check for the software update on their phones if they are interested in Samsung's mobile payment system.

It was just on Oct. 6 when Verizon revealed that the carrier was ready to support Samsung Pay but did not confirm a date when a software update will be released to compatible devices to support the mobile payment service.

A report suggests that the software update notes indicate that once the latest update is complete, users will be able to download the Samsung Pay app once it is available in Google Play. However, the app is not available yet and the release date of the app is also unknown.

Other U.S. carriers have had the Samsung Pay app installed on their Samsung handsets as part of the software update.

The app will also need a supported card from an accredited bank. Initially, five banks have partnered with Samsung Pay: Bank of America, American Express, U.S. Bank, Citibank and Synchrony Financial. Other banking institutions may come onboard in the near term.

Payments via mobile devices have been gaining popularity in the market. The International Data Corporation (IDC) estimates that mobile payments may reach to up to $4 trillion by 2020.

James Wester, the research director of worldwide payment strategies at IDC Financial Insights, says that currently many consumers are taking advantage of their mobile devices for searching products online, shopping online and making payments via their phones.

"As consumers' reliance on smartphones grows, as well as their level of trust that the devices are safe and secure, so will their use of mobile devices to complete transactions. The necessary pieces to spur consumer adoption of mobile payments are finally in place," said Wester.

Samsung Pay, Android Pay and Google Pay are some of the big names in the mobile payments world and they will face competition from each other when the popularity of mobile payment services increases. 

The latest Verizon update for Samsung smartphones does not only bring Samsung Pay support. The update also brings along security patches for the Stagefright vulnerability. 

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