The Galaxy Note 5 will be launched in September, a Samsung executive has confirmed.

The company also announced that the launch of its mobile payment service Samsung Pay, has been delayed until September. It was earlier scheduled for a summer release.

Moreover, the company further confirmed that the mobile payment service will debut on the new Galaxy Note, widely known as the Galaxy Note 5, before being available for other devices.

Rhee In Jong, executive vice president at Samsung said that Samsung Pay will debut in the US and South Korea in conjunction with the next high-end mobile device, according to a Bloomberg report.

Claire Kim, a Seoul-based analyst at Daishin Securities Co re-confirmed the launch saying, "The new service will likely be deployed on its next Galaxy Note device. The key is how fast Samsung will be able to expand the service to lower-end devices."

The September launch is in line with speculations that suggested the service would be launched at the IFA trade show, which will be held from 4 to 9 September in Berlin. Besides, Samsung has always chosen the IFA event to announce its Note series, starting with the first generation Galaxy Note in 2011.

Meanwhile, Rhee added that Samsung has plans to expand is payment service to other markets including Europe, China, Australia and South America beginning later this year. It will be made available across other devices including Galaxy S6 and S6 Edge.

Unveiled at the MWC convention in March, Samsung Pay, ushers a new mobile payments and e-commerce service that allows consumers to transition to secure mobile payments at merchant locations.

During the launch, Samsung had mentioned that the service would be initially available in the US and Korea in the summer, following which it would expand to other regions including Europe and China along with the S6 and S6 Edge.