Samsung Reportedly Planning Apple Pay Rival that Works Nearly Everywhere

Samsung Reportedly Planning Apple Pay Rival that Works Nearly Everywhere

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Samsung is reportedly in talks with LoopPay, a mobile payment startup, to launch an Apple Pay competitor in 2015. Such a partnership would enable customers with Samsung phones to wave their phones at terminals instead of swiping a credit card.

It is not yet clear if Samsung has reached a deal with the startup, Burlington, Mass.-based LoopPay. One source said the deal could still fall apart. A prototype of the payments system working on a Samsung phone has been created, the other source said.

LoopPay's technology transmits the information stored on a debit/credit card through a magnetic signal to the payment terminal; however, LoopPay does not require NFC or any other wireless standard, so it can by used at most payment terminals found in stores. Apple Pay and Google Wallet require stores to have upgraded terminals with NFC for their mobile payment systems.

While LoopPay currently lacks the security features of Apple Pay, CEO Will Garylin says LoopPay hopes to implement a tokenization system similar to Apple's when transmitting card information. Samsung's mobile payment system could also utilize fingerprint recognition, since the latest S5 includes a fingerprint sensor.

Apple Pay launched in October and since then the service has grown strong. Today the company supports over 90% of credit cards used for purchases in the United States.

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Zanka - December 18, 2014 at 6:48am
Please. It's pretty much known industry wide Samsung blatantly rides apples coat tails. It's shameful. Lol
Bugged Out - December 17, 2014 at 6:02pm
If "coulda shoulda woulda" we're dollars Samsung would be a trillion dollar company. Why not announce what you're thinking of doing two years from now? Oh that's right Apple hasn't announced that so you don't know what to copy.
SimonSays - December 17, 2014 at 2:21pm
Samsung has put their copying efforts I to high gear since its mobile devision is tanking thanks to apple.
shoor - December 17, 2014 at 9:48am
the question is, does it with cards from outside US, or is it "rest of the world" exclusive again?
Dave Vangina - December 17, 2014 at 9:41am
Samsung and Motorola are ones who actually invented Apple Pay. Without NFC it would not be possible. Apple as usually added only some software and claims they wrote it, same situation as with Unix rebranded by Apple. Fact is Cupertino has no clue how underlying technology works. No copying here isheeps, Samsung wins.
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