Samsung's Mobile Payment Service May Be Bigger Than Apple Pay

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How Samsung's Mobile Payment Service May Be Bigger Than Apple Pay Works

Samsung is said to be negotiating with LoopPay, a mobile payment company based in Burlington, USA. Informers said a prototype of this payment system was completed by the parties and successfully ran on Samsung's " Anonymized product."

Meanwhile, LoopPay CEO Will Graylin revealed that their payment system appears on a major manufacturer's smartphone next year, but he declined to confirm that the partner is Samsung.

Samsung is rushing to launch a mobile payment system to rival Apple Pay, which Apple has deployed on devices iPhone 6, iPhone 6 Plus and soon Apple Watch. With this system, users only need to select the type of credit card they want to use for the transaction, turn on NFC and connect Apple devices to the terminal payment device to verify the transaction information.

Instead of using NFC like Apple Pay, LoopPay uses the "magnetic line" Technology . With this technology, users only need to swipe their device with payment device to authenticate the transaction. LoopPay technology allows users to tap their device almost like a credit card, so you just need to hold up your Samsung phone instead of using an automatic card or cash payment.

While Apple has to pay for 220,000 US retailers to accept Apple Pay, more than 10 million retailers are LoopPay partners. Graylin CEO also said the company could integrate NFC connectivity into the mobile payment system. This also means that customers do not have to open payment software on mobile devices when making transactions.