Samsung is the latest company to launch a form of mobile payments system, joining Passbook, PayPal, Google Wallet, MasterCard Paypass Wallet, Square Wallet and many more.

Demonstrated at this week's Mobile World Congress in Barcelona, Walet looks quite similar to Apple's Passbook app, a feature the company introduced with the iPhone 5.

The app stores storing tickets or coupons and will automatically understand the user's location and bring a ticket to the top of the pile when the user is approaching the area of innterest - i.e. a cinema. In addition, the app offers the uses notifications-- for example if a flight is delayed.

Wallet doesn't support NFC (Near Field Communication) as many retailers prefer barcodes and QR codes because their existing infrastructure supports those technologies.