Samsung reportedly in talks to launch their own mobile payment system

Google Wallet and Apple Pay have both helped advance the future of payment technology for the better. Take your phone out, press a few buttons or swipe your finger, and you’re all set to be on your way. Naturally, Samsung would like to join in on the fun, as they’re reportedly in talks with startup LoopPay to create a mobile payment method of their own.

According to multiple sources from ReCode, Samsung has discussed a deal with LoopPay, a mobile payment startup, and already has a working prototype on a Samsung device. The rumored payment method is very similar to both Google Wallet and Apple Pay, though it differs in some key areas.

The technology would still require you to take out your mobile device to complete the payment, but unlike Google Wallet and Apple Pay, LoopPay doesn’t just work with NFC. LoopPay’s “magnetic secure transmission” technology is backwards-compatible with legacy terminals, and the built-in hardware makes payments by means of a small electromagnetic field that closely resembles that of a credit card swipe. To complete the payment, all users would need to do is tap the phone near the credit card swiping terminal… and that’s it. This allows the payment method to be compatible with both NFC payment modules as well as credit card swiping terminals. What’s more, the card information will likely be secured on Samsung devices by using the fingerprint sensor, much like we see with Apple Pay.

Earlier this month, LoopPay CEO Will Graylin told ReCode that their technology would launch in a mainstream smartphone sometime in 2015. Before we get too ahead of ourselves, though, Samsung hasn’t officially reached a deal with LoopPay quite yet, and sources say “the deal could still fall apart.”

Is the world ready for yet another form of mobile payment? Let us know what you think!