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Samsung is in talks to buy LoopPay, a U.S. startup which offers mobile payment solutions. The move is being seen as an attempt by the Korean company to counter Apple Pay, Cupertino’s recently released NFC payment system.
Anonymous sources, speaking to Recode, have said that a deal is in its early stages and ‘could still fall apart’. However, one insider said that a prototype Samsung phone with LoopPay’s tech baked in has already been built.
As well as supporting NFC payments, LoopPay also has its own system which does not require the contactless tech. Its method mimics a credit card’s magnetic strip, with users able to hold a device above a payment machine’s swipe slot and transfer their details. It already sells iPhone cases and a key fob which offers this technology.
Such tech would make any Samsung phone which used LoopPay compatible with far more pay terminals across the pond compared to Apple Pay, at least in the short term.
The sources also claimed that Samsung’s fingerprint tech, found in its Galaxy S5 and Galaxy Note 4 handsets, would be used in conjunction with LoopPay in order to give it added security.
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