Samsung is working on its own mobile payment service

Samsung would consider introducing its own payment service. The electronics giant is reportedly in negotiations with start-up LoopPay, which is engaged in such activities. It is unclear whether an agreement has already been reached.

Samsung has not yet responded to the rumors. However, Recode claims to have multiple sources that confirm the story. One of the anonymous sources reports that the company has already developed a prototype. The smartphone owners would be identified by their fingerprint and the service would therefore only be available for devices equipped with a capable sensor. The Galaxy S5, among others, is equipped with a fingerprint scanner.

The South Korean company wants to compete with Apple with a mobile payment system, Recode writes. That company recently introduced the Apple Pay service of the same name. Samsung’s technology would also offer people with their own device the opportunity to make payments with their smartphone in physical stores.

LoopPay’s technology is able to wirelessly exchange data with payment devices in stores using an external device. This concerns the same information as the data processed on the magnetic strip of a card. However, no debit or credit card is required. The technology would function in many more places than Apple Pay or Google Wallet. However, the integration of nfc is not excluded.