Samsung already offers a solution for mobile payments through a partnership with PayPal, which was first introduced on the Galaxy S5, and it’s easy to use its phones with other services including Soft Wallet and Google Wallet. Despite those options, however, the company is reportedly working to launch another service that will compete directly with Apple Pay, according to Re/Code.
The new payment service is reportedly set for an unveil sometime next year which, by the way, is less than a month from now. Re/Code said Samsung is working with a small company called LoopPay, which currently bills itself as “the most accepted mobile wallet on the planet,” and works with its own “magnetic secure transmission” (MST) technology and in-store NFC payment terminals.
Samsung has already created a working prototype and may license LoopPay’s technology, but Re/Code warns that it’s possible the deal may never come to fruition. If it does, however, Samsung wants to launch a product with similar security to what Apple Pay offers, which takes advantage of tokens and doesn’t transmit a user’s payment information to a retailer.
Neither LoopPay nor Samsung have confirmed the partnership, though Re/Code pointed to comments made by LoopPay CEO Will Graylin, who suggested that the company has inked a deal to deliver an embedded solution into a “mainstream smartphone in 2015.” Is that partner Samsung? It seems more and more likely.