Apple has just started expanding its Apple Pay payment system and Samsung is already trying to come up with a similar solution of its own. According to a fresh report from Recode, Samsung could be in talks with LoopPay to launch an Apple Pay competitor at sometime 2015. Here's what Jason Del Rey from the publication has been saying:
Samsung and LoopPay discussed previously about a solution that would allow for the paying for goods in stores using a phone, but it seems that talks of a potential partnership have rekindled in the U.S. thanks to the launch of Apple Pay.
Samsung’s latest Galaxy phone also includes fingerprint identification technology, so it could be used to be incorporated into the new payments system. Since Samsung has so many devices on the market, the new services would probably be limited to devices with premium specs.
Currently, LoopPay’s technology can wirelessly transmit the same information stored on a debit or credit card’s magnetic stripe to a store’s checkout equipment without swiping a card. So if Samsung were to acquire the company, they could use its know-how to allow owners of Samsung smartphones to pay with their devices.
As a matter of fact, LoopPay’s CEO, told Re/code earlier this month that his company’s technology would be embedded into a mainstream smartphone in 2015 that would have “massive penetration.” He could be referring to the SGS6, but nothing's sure at the moment.