Could Samsung Fight Apple Pay?

Could Samsung Fight Apple Pay?

Samsung Galaxy Note Edge
Samsung's Galaxy Note Edge has a wrap-around screen that displays notifications, email, weather, and other at-a-glance info. (Image credit: Samsung)
Samsung Galaxy Note Edge
(Image credit: Samsung)

Apple Pay is quickly becoming the most popular way to use your phone to pay for things.

But Samsung isn’t taking the service lightly, and could be forming its own partnerships to take on the Cupertino company.

According to Recode, Samsung has been in talks with mobile payments company LoopPay, and could work at stores where Apple Pay can’t.

LoopPay has some high-profile investors like Visa, and according to Recode has plans to partner with a major smartphone maker, although LoopPay CEO Will Graylin declined to mention which manufacturer.

LoopPay’s current iteration takes the form of a case for the iPhone 5 and iPhone 6 variants, and a key fob if you use a different device.

Samsung’s NFC-equipped smartphones are already capable of handling mobile payments through Google Wallet, but the point of sale system must support it, making it essentially as widespread as Apple Pay.

Most current point of sale systems that accept cards with magnetic stripes will eventually be phased out in favor of the more secure chip-and-pin cards used in Europe.

LoopPay has a transmitter that most magnetic stripe card readers can receive, which means store owners won’t have to update their point of sale systems as they would if they wanted to support Apple Pay.