Samsung is reportedly in talks with LoopPay to launch a payment system for its devices similar to Apple Pay.
There's no denying that mobile payments is an emerging area of interest for technology companies and everyone wants to get into it before their is a clear winner. With the entry of Apple with its NFC based Apple Pay solution, Samsung seems to have taken the hint to enter the market with a system for its own devices.
According to re/code, Samsung is in talks with LoopPay, which already has a mobile wallet system in place, for a possible licensing deal of the technology. Samsung is expected to launch its next flagship smartphone in the first half of 2015 and might be aiming to launch this wallet system alongside the device. CEO of LoopPay, Will Graylin, also revealed that their technology would come embedded in a smartphone in 2015 but hasn't commented about the Samsung speculation.
The LoopPay system stores a user's credit/debit card information and transmits the details using a special card or an addon case for the smartphone. If Samsung manages to secure a deal with the company, it is likely that the technology will be integrated right into the device rather than using an extra accessory.