In the 'Loop' on Mobile Payments: Samsung Looking to Compete with Apple Pay

In the 'Loop' on Mobile Payments Samsung Looking to Compete with Apple PaySpeculation is rampant that Samsung may be in discussions with LoopPay to roll out a wireless mobile payment system next year.

The technology, according to ReCode, has already bestowed a prototype of the payment system envisioned, sources have purportedly revealed.

The idea was apparently inspired by the launch of Apple Pay this year, which gave Apple a huge presence in the nascent mobile payments market. With Samsung already having much of the hardware legwork completed to introduce a mobile payments system, the timing appears to be good for the South Korean tech giant’s 2015 mobile payments objective.

Samsung’s last Galaxy phone even includes fingerprint identification technology, which could also be utilized in their payment system.

All told, the writing has been on the wall for some time now that LoopPay would soon partner with a major mobile tech company like Samsung.

LoopPay’s CEO, told Re/code earlier this month that his company’s technology would be embedded into a mainstream smartphone in 2015 that would have “massive penetration.” He declined to name the phone maker then, and declined again when asked about the Samsung discussions.

For now, representatives for both companies aren’t addressing the partnership rumors.