Samsung is ready to throw down with Apple in another market, planning to utilize its own mobile payment system to compete against Apple Pay. The company will reportedly work with LoopPay, and a working prototype of a mobile service has already been created, according to reports.
LoopPay wirelessly transmits information to a store's point-of-sale (POS) checkout terminal, and the customers won't need to swipe a debit or credit card. The company also has a fob so select devices can be tapped at the checkout terminal.
Apple Pay - which is expected to accelerate the mobile payment system - is only available on Apple iPhones, which leaves a significant amount of smartphone owners out of the loop. However, there is concern that another major competitor will only fragment the budding market further, and cause consumers to be more hesitant.