Samsung reportedly eyeing rival to Apple Pay

Samsung may be looking to challenge Apple with its own feature for paying for items on the go via a smartphones

The Korean-based company has been chatting with a payments startup firm called LoopPay, which offers its own mobile wallet system, Recode reported on Tuesday, citing multiple sources. LoopPay's current system can send information stored on a credit or debit card to a retailer's existing credit card reader using a fob, a digital payments card or a charge case that envelopes your smartphone. People can use any of the three devices to tap a merchant's credit card reader in order to pay for an item without having to swipe a card
The idea would be to embed LoopPay's technology into a Samsung smartphone so that users could pay for items via either near-field communications or LoopPay's own magnetic stripe-compatible technology. LoopPay CEO Will Graylin told Recode earlier this month that the technology would be embedded into a mainstream smartphone next year that would have "massive penetration." However, the CEO declined to reveal the name of the smartphone or the smartphone maker

Josh Miller/CNET
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