Samsung phones may come with mobile payments technology similar to Apple Pay starting in 2015, if the Korean company closes a deal with Massachusetts-based startup LoopPay. According to Re/code, Samsung is in talks with LoopPay to make it possible to pay for in-store purchases by waving a phone rather than swiping a card.
The mobile payments landscape is rapidly evolving, as technology companies, payments providers, and retailers stake out territory and line up partners. Apple has won over dozens of banks and retail chains since it announced Apple Pay in September, while Square continues to court small businesses while fending off upstart competitors.
LoopPay would offer Samsung an opportunity to jump-start its payments strategy, with technology that is compatible with more existing point-of-sale terminals than Apple Pay. The startup’s disadvantage has been that it requires consumers to attach an external fob to their phones; partnering with Samsung would enable the integration of that hardware into the phone itself.