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December 17, 2014

Samsung in talks with LoopPay to take on Apple Pay

Payment system could be unveiled in 2015.

By CBR Staff Writer

Samsung is reportedly planning to launch its own version of a mobile payment system, which would allow users to make payments in offline stores using their devices instead of cards.

The smartphone maker is in talks with payment startup LoopPay to launch the system in 2015, which could replicate Apple Pay; unnamed sources told Re/code.

Selected Samsung phones are expected to have the payment feature and users might be able to pay for products just by waving their hands near the checkout equipment.

With Apple Pay, users have to press a finger against the fingerprint identification sensor in the phone’s Home button for authentication and completion of purchase. Similar to the iPhone, the Samsung Galaxy S5 also has a fingerprint sensor which could be used for the authentication process.

The South Korean smartphone maker previously launched Samsung Wallet, which stores user’s credit card information on Galaxy smartphones for making online purchases.

According to Samsung the payment app had 2 million downloads.

LoopPay uses technology capable of transmitting information stored in a credit/debit cards magnetic stripe, which allows users to buy products without using their original cards.

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The payment technology makers has attracted positive reviews for its compatibility with existing credit-card terminals that are used by cashiers in the US, reported the Wall Street Journal.

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