Samsung may be working on an Apple Pay competitor

It’s pretty typical Samsung behavior to try and create their own versions of popular technology, whether that’s an App Store, instant messaging service, or virtual reality headset. Sometimes Samsung’s version turns out pretty well, but other times it can be a complete disaster that goes mostly unused by customers.

With Apple entering the mobile payment market with Apple Pay, Samsung is, of course, readying their own form of a wireless payment method using Samsung smartphones. Sure, Samsung already has their own Wallet app, and almost all newer Android phones support tap-to-pay functionality with Google Wallet, but Samsung wants their own, uniquely branded version.

Samsung has reportedly been in talks with a company called LoopPay that handles mobile payments, so they would likely be the backbone of the service. LoopPay uses a slightly different method of paying for things than Google Wallet or Apple Pay, and it doesn’t actually require retailers to adopt new NFC payment terminals. The tech copies a traditional card swipe, so that offers very wide compatibility right out of the gate.

This isn’t Samsung’s first attempt at tackling mobile payments, but maybe they’ll be able to offer Apple and Google some serious competition.

source: re/code

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