Samsung has been often blamed for blatantly copying the work that Apple has been doing. Who can forget that lawsuit over the unlock feature that they had a few years ago.
The company has often been blamed to be ‘inspired’ from their competitors, and they have now come out with a new concept called Samsung Pay, which is pretty much like the Apple Pay, but with Samsung.
The current market rumors are that the company is supposed to partner with Loop Pay for the brand new Samsung Pay feature.
The company has quite an experience in the service of payment and Samsung is looking to partner with them for this future project.
This is the perfect timing for them to enter into this as this is a time when Apple has launched their Apple Pay and it is still quite fresh of a service.
And if apple does something new, Samsung can never be far behind. This rumor has already been in the markets since the December of 2014, that Samsung is going to come out with a competitor to the Apple Pay, yet details have not been released so far.
The Samsung Galaxy S6 is also expected to come out with this feature right from day one.
Loop Pay has already been doing this, and they have come out with a magnetic tape recognition system.
This can be fitted with the smartphones and they can come out with something really revolutionary.
Only time can tell what Samsung has in mind for this Samsung pay and how much of a threat is that to the Apple Pay systems.
However there is one drawback to this system, and that is the fact that the Loop Pay technology is phasing out of some countries, most noticeably the USA, as the EMV standard smart cards are now replacing it faster than ever – however, Samsung need not worry as this alliance is sort of a win-win situation for both, the company as well as Loop Pay who would get a major boost in credibility after this deal if this follows through.
Other rumors have indicated that the S6’s finger scanner will also be utilized by the Loop Pay systems for the Samsung Pay, much like…er, the apple pay.
To keep updated with the latest information regarding the deal between Samsung and Loop Pay, keep following us at TheREM.