SEOUL, South Korea—Samsung is once again rumored to be planning a mobile payments system of its own.
That’s according to a report from Apple Insider which stated that the Korean-language DDaily indicates that Samsung's previously-reported partnership with LoopPay will come to fruition next month alongside the also-rumored shift to a Touch ID-style fingerprint sensor in the Galaxy S6.
LoopPay works differently than Apple Pay, and it remains to be seen how useful it will remain as the U.S. switches away from magnetic stripes in the coming years, reported Apple Insider, which explained LoopPay uses what it calls "magnetic secure transmission," which "spoofs" a traditional card swipe with magnetic fields when a user holds their device near a payment terminal.
Apple Insider said Samsung is likely to have chosen this route in order to get a competing solution out as quickly as possible as a fast follower There is no word on what the company will do with the product in Europe, where magnetic swipes have already been largely phased out.
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