According to a rumour from Recode, Samsung may already be developing its own mobile-payment system to challenge Apple Pay. Samsung has allegedly been in talks with LoopPay, with the competitive advantage being LoopPay’s “Magnetic Secure Transmission” technology that allows mobile transactions to take place without the need of specialised hardware, effectively making it compatible with any retail outlet that supports current credit and debit card payments.
It’s not known whether the talks will go through or at what stage they’re at, but if the agreement goes through then we can see the technology embedded into future phones in the Galaxy line.
Source: Recode
