Report: Samsung is developing an Apple Pay competitor

Samsung is reportedly in talks with a mobile payments startup to develop a rival platform to Apple Pay.

The South Korean manufacturer has quietly been perusing a deal with LoopPay that would allow Samsung smartphone users to use a mobile device at retail stores to purchase products without swiping a debit or credit card, according to a report in Re/code .

See also: Apple Pay: The Real-World Test

The report cites sources close to the matter, but added that the deal might crumble. Samsung has not yet responded to Mashable's request for comment

Like the Apple Pay platform, which Apple introduced in September, a partnership with LoopPay could allow Samsung users to pay for items by waving a mobile device in front of a brick-and-mortar store's checkout system. The Samsung smartphone would be equipped with LoopPay's technology that wirelessly sends stored credit card information to the payment terminal Read more...

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