Samsung Working On Its Own Version of Apple Pay

Samsung will enter the world of mobile payments to keep up with Apple. According to a report from Re/code, South Korean tech giant, Samsung will be working with LoopPay, to integrate its technology into one of its smartphone next year. This could be Samsung's next flagship, the Galaxy S6 which is expected to be announced next year.

LoopPay is a payment system similar to Apple pay. The payment system is able to wirelessly talk to regular magnetic stripe credit card readers. The technology will allow Samsung smartphone users to pay by waving their phones. At present LoopPay makes you plug a fobe or use a LoopPay digital payment card  that can be used on its own or while secured in a special LoopPay smartphone case. To complete a transaction LoopPay users tap any of these devices on the store’s credit card machine.

Re/code also reports that it is not yet confirmed whether Samsung has reached a deal with LoopPay and also reports that the deal could fall apart. A prototype of the payment system working on Samsung handsets have also been created. When Re/code tried to contact Samsung and LoopPay, both companies declined to comment.

Source : Re/code

Kaiser Bey

Kaiser is a tech enthusiast who likes to write, read and talk about tech. He dreams of going to Mars and never come back. We hope that you find his posts on AndroGuider helpful and informative