Samsung Reportedly Exploring Apple Pay Competitor

Is Samsung working on its own mobile payments service to compete with Apple Pay? A report out of Re/code today says it is, which says that Samsung is in talks with Massachusetts-based LoopPay to launch the new service sometime in 2015.

The report explains that LoopPay “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.” It wouldn’t take much to bake this kind of technology into Samsung phones, since apparently using LoopPay merely requires that you tap your device “near the spot on a store’s credit card terminal where a card is usually swiped.”

The takeaway from this is that Samsung could jump into mobile payments quickly and easily without requiring retailers or banks to sign up – users would simply enter their payment information and BAM – they’re done. One source cited for Re/code’s report says that the talks may fall apart, while another says that a prototype has already been developed. It seems like it could go either way, but judging by Samsung’s past attempts to stay competitive by any means necessary, don’t be surprised to hear about their new payment jam – with or without LoopPay – sometime soon.

[Source: Re/code]