Samsung prepared to go head-to-head with Apple Pay
December 17, 2014
Apple Pay has managed to capture the public attention in the way that other mobile payment services, such as Google Wallet, have failed.
Not wanting to be left behind, Samsung is looking to launch its own wireless payments service across selected devices, according to a report from Recode.
The report indicates that Samsung has been trying to license technology from tech startup LoopPay to create a competing service. Anonymous sources are quoted as saying that although LoopPay and Samsung have been in detailed talks that the deal "could still fall apart".
It is expected that Samsung's Apple Pay competitor would work like existing systems. LoopPay CEO Will Grayling, in discussing their LoopPay technology, explained that their payment information would be transmitted via NFC -- just like Google Wallet and Apple Pay -- without the need to open a specific app on the smartphone. If it is implemented by Samsung then there should be no reason to expect it to behave differently.
While further advances in Mobile Payment technology are welcome, Apple has a significant advantage over Samsung in the vast number of credit cards already registered from its users' iTunes accounts. Samsung could leverage their existing agreement with PayPal to allow them to use similar data to the same effect, or ask users to register Credit Cards manually.
However this rumour pans out, we can guarantee that Samsung will have mobile payment solution to rival Apple Pay in the near future. Let's only hope that Samsung doesn't follow their "S Health" naming convention and name this "S Pay" without checking for any unfortunate wording.