Reports: Samsung Pay Might Debut With Galaxy S6

By Kamal Nayan - 04 Feb '15 00:49AM

In order to compete with Apple Pay, Samsung is expected to introduce its own mobile payments service, tentatively named Samsung Pay and the feature could debut in Galaxy S6. The Galaxy S6 is scheduled to be showcased at the MWC 2015 to be held in Barcelona, Spain.

The Korean tech giant is reportedly talking with LoopPay to launch Samsung Pay. The U.S. startup company has a secure magnetic transmission technology, which allows users to tap a mobile device near a credit card magnetic swipe terminal in order to make an automatic payment, reported Business Korea.

Samsung has rolled out an an NFC-based mobile phone payment service in China in early October of last year, in partnership with China's largest credit company, UnionPay. The company has also launched Samsung Wallet in Korea in May 2013.

Given that Samsung is providing its mobile payment service in two countries, it would be safe to assume that it will build partnerships with credit card companies in the U.S. to provide a mobile payments service and give Apple Pay stiff competition.