Samsung piloting Apple Pay competitor

20 Jul 2015
00:00
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Daily News

Samsung is rolling out a mobile payment service designed to compete with Apple Pay in South Korea ahead of a wider global launch.

The vendor began rolling out the service in Korea last week as a pre-launch pilot for Galaxy S6 and S6 Edge owners, TechCrunch reported.

The Samsung Pay service is based around LoopPay, a payment technology provider acquired by Samsung in February.

LoopPay's technology works with both NFC and traditional card readers via magnetic secure transmission.

Payments can be authenticated using either a password or fingerprint, and no credit card data is stored on the device or sent during a transaction.

Samsung Pay is designed to replace the vendor's mobile wallet service, which was retired earlier this year due to disappointing take-up and usage rate.

After a commercial launch in South Korea, Samsung plans to bring the service to the US, and eventually expand to more markets. Ultimately the service could be a challenger to Apple Pay, which analysts expect will shake up the mobile payment market and spur wider adoption.

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