Samsung is reportedly in NEWS for venturing with a mobile payment startup to build up a competitor platform to Apple Pay.
Samsung has quietly been scrutinizing a deal with LoopPay, which would let Samsung Smartphone users to use their mobile at retail stores to buy products without swiping a credit /debit card.
Similar to the Apple Pay platform, a joint venture with LoopPay will allow Samsung mobile users to pay for the items by waving their mobile facing a store’s checkout system. The Smartphone will be outfitted with LoopPay’s technology, which will wirelessly send stored credit card data to the payment end.
Apple Pay, which uses NFC technology, is supposed to be the beginning of a huge revolution which is coming to the mobile payments. As its October advent, the platform has gathered solid reviews and has been named by specialists as the most safe payment platforms.
When launched, Apple Pay was functional at 220,000 retail stores in the U.S. only, but the company declared on Tuesday that lots of more banks as well as retailers have signed up for using their mobile platform.
Samsung trying to throw its hat in the mobile payment market makes good sense. Irrespective of if LoopPay deal becomes official or not; the maker will likely desire to contend with Apple in this field and not let it get a lot of head start.