Report: Samsung Planning to Launch Apple Pay Competitor
Samsung is in talks with mobile payments startup LoopPay to build a service that will compete with Apple Pay, reports Recode. The mobile payment service will allow users of certain Samsung devices to use NFC to make a payment at a participating store.
Just within a few months after launch, Apple Pay has been a complete success supporting nearly 90 percent of all U.S. credit cards that make up the largest purchasing volume. Ten additional banks, including TD, BB&T, and Commerce Bank, will begin to support Apple Pay today.
Getting into the mobile payments space is crucial for Samsung. LoopPay is an interesting partner choice, however, the report notes that the deal is not final and may still fall apart. Samsung has not released any official statements regarding the matter.