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Will Samsung Pay Feature in Upcoming Galaxy S6 Take on Apple Pay?

With Apple Pay making headway into online payment segement virtually controlling the markets, Samsung, the next rival from south Korea is gearing up to launch its own Samsung Pay feature on its upcoming smartphone the Galaxy S6, reports said.

US-CUPERTINO-APPLE-NEW PRODUCTSThe Galaxy S6 is scheduled to be displayed at the MWC 2015 to be held in Barcelona this month and rumors have it that the the Korean tech giant is reportedly negotiating with LoopPay to come on board for the launch of Samsung Pay.

LoopPay is a U.S. startup with a secure magnetic transmission technology that allows users to just tap a smartphone near a credit card magnetic swipe terminal to make a payment.

Samsung is already providing a mobile payment option for users in South Korea and China using their Galaxy S phones, using the digital wallet service Samsung Wallet in Korea, which is in vogue since May 2013.

It has already roped in 6 local credit companies for the last one year to build infrastructure for online and offline payments using card companies’ app cards, besides its won payment app.

In China, samsung is partnering with UnionPay to provide NFC-based mobile phone payment service since October. With the experience of Korea and China, Samsung may launch its Samsung Pay in the US market just to take on Apple at the right time, if not delayed in the race.


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