When Apple introduces something innovative, Samsung’s not normally too far behind, and recent rumours surrounding mobile payments mean that a battle for the high street tills could be right around the corner.
According to the latest whispers, Samsung is collaborating with Massachussetts based start-up LoopPay, to bring mobile payments to the Galaxy S6 and S6 Edge.
LoopPay differs from Apple Pay, in that Apple Pay relies on the iPhone 6’s NFC chip – the only use its NFC chip has – whereas LoopPay uses a “magnetic secure transmission”.
When you swipe a credit or debit card through a card machine, the machine receives a signal from the magnetic strip on the card, which carries the data. LoopPay transmits that same signal, but wirelessly. This means it can be used with current POS (Point Of Sale) systems, all around the world, giving it a huge advantage.
To put it into perspective, Apple Pay is accepted by around 220,000 places in the US. LoopPay can be used by roughly 10 million places, all around the world.
LoopPay CEO Will Graylin has reportedly hinted in the past that his technology would be found in smartphones from a major manufacturer in 2015, but declined to say which manufacturer it would be. He’s also said that NFC would be added to the current magnetic technology, allowing users to make payments without having to open the app.
Samsung is also likely to add extra security through the fingerprint scanner embedded in the home button, which itself is rumoured to operate with a single press instead of a swipe, iPhone-style.
If Samsung does embed LoopPay’s tech into its next generation of smartphones, then it could kick off the widespread smartphone payment revolution we’ve been waiting for all this time. All will be revealed in less than a month a MWC 2015, so stay tuned.