Samsung develop its own mobile payments service LoopPay
Samsung plans to integrate mobile payment service in next generation smartphones. Expected service that will compete with Apple Pay, to work with all currently existing bank cards and payment terminals. Samsung is working with LoopPay, a startup that describes itself as the universal service for mobile payments. Instead NFC chips, LoopPay works by using magnetic signal that simulates the touch of magnetic stripe cards. This means that the technology can work with any terminal, no matter whether it requires physical contact with the card or not. At present, the service can not boast of security levels of Apple Pay, which sends a unique confirmation code instead of real data from your card, but LoopPay working together with Visa to improve security.
Although none of the companies has not officially confirmed the collaboration, a representative of LoopPay said that the technology will be integrated into the popular smartphone in 2015