Reports: Samsung Prepping to Bring Apple Pay Rival

After launching Galaxy Alpha and Note 4 to vie with iPhone 6 and iPhone 6 Plus, Samsung is planning to make yet another foray on Cupertino Giant: Apple with a new weapon. In Pursuance of Re/code, the South Korean corporation is working on a wireless mobile payment system to compete with Apple pay.

However, the name of technology is yet-unknown, but it has been claimed by the informant that firm has collaborated with a mobile payment solutions company, called LoopPay. To make you apparent, this company is well known for Magnetic Secure Transmission technology, which is available over 10 Million retail locations and works for nearly every smartphone.

In particular, MST can wirelessly transmit the same information to checkout equipment from debit or credit card's magnetic stripe without a need of swiping. Besides all, the new quest of tech giant has been said to be compatible with phones that even don't support NFC, while Apple Pay is totally based on Near field communication.

As we know, Galaxy S5 and Note 4 supports international digital wallet based system: PayPal, wherein consumers do payments via fingerprint sensor that resides on phone's Home button. Here, it has been speculated that brand-new payment system will be incorporated in firm's hotly-anticipated flagship smartphone, Galaxy S6 that might debut at Mobile World Congress 2015.

Well, Samsung is yet to make an official announcement regarding its next-iteration, so we will have to wait to get a detailed information about the forthcoming payment system.