Samsung's payment system won't need special readers


Samsung's payment system won't need special readers

Samsung will launch its own mobile payment system to rival Apple Pay in 2015, according to new reports.

Samsung’s system could be more widely adopted than Apple Pay at launch. It is thought that Samsung’s solution would not require additional systems in stores. It, unlike Apple Pay, will be compatible with retailers' existing credit card machines.

The South Korean company is apparently in talks with a payments startup called LoopPay. This would enable Samsung to launch its own mobile payment solution, potentially as soon as "early 2015," according to Re/code who cite multiple sources.

LoopPay’s system is capable of transmitting the same data stored on a credit or debit card’s magnetic stripe to a shop’s equipment without the need to actually swipe the card. The company has produced a few products, such as fobs, that enable people to make purchases in this way. This technology could be embedded in future Samsung smartphones.

Looks like we may not need to worry about whether particular stores have implemented technology to accept mobile payments or not in the near future.

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