Samsung Reportedly Planning Apple Pay Rival that Works Nearly Everywhere

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Posted December 16, 2014 at 11:46pm by iClarified Staff

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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Samsung Reportedly Planning Apple Pay Rival that Works Nearly Everywhere

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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?

Guest - 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, Samsung wins.

TechnoGeek - December 16, 2014 at 11:51pm

Please Samsung do it and see all the hacks go virals. Security is a must, with both ends of the device not encrypting, you'll have yourself a blood bath. The idea is great on paper but reality is that the signal base token is already hack able and is easily purchased in beats and online stores. Just need the right mechanizing and this would be it.