Samsung Reportedly Considering Apple Pay Competitor

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Samsung may be gearing up to launch an Apple Pay competitor in 2015, tech news site Re/code has reported.Samsung has discussed a deal with payments start-up LoopPay, Re/Code reported multiple sources as stating, which would help it launch a wireless mobile payments system next year.

The move would see Samsung take on smartphone rival Apple in the growing contactless payment market.

Apple this year launched Apple Pay, utilising its Touch ID fingerprint screening technology, available on the iPhone 6 and iPhone 6 Plus.

Employing NFC technology, Apple Pay allows users to make in-store payments by holding their iPhone near a contactless reader with their finger on Touch ID.

Re/Code has reported it is not yet clear if Samsung has reached a deal with LoopPay, with one source stating the deal could still fall apart.

Re/Code further reported another source as stating a prototype of the payments system working on a Samsung phone has been created.

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