Samsung 'to take on Apple Pay with mobile money'

Reports suggest Korean manufacturer will launch its own mobile payment system next year

Samsung is looking to set up its own mobile payment service to rival Apple Pay next year, if rumours are to be believed.

The system would potentially allow Samsung mobile device customers to pay for items in brick and mortar stores by waving their phone over contactless payment terminals, using the fingerprint sensor on selected smartphones for authentication, as is the case with Apple Pay.

The Korean manufacturer has reportedly teamed up with LoopPay, a mobile wallet service that allows you to load up your credit cards on an app and pay for items using either an Android or iOS-powered device.

A prototype app has been produced, but no more details were available from Recode's sources.

However, LoopPay told The Verge: "We're aware of the speculation that LoopPay is working with a potential handset manufacturer partner... We do not comment on speculation about the future of the company."

This is just the latest installment of Apple and Samsung's race to become the best in mobile payments.

Yesterday, it was announced Apple would start accepting PayPal payments both online and in store, despite previously falling out with the payment solution because it signed an exclusivity contract with Samsung for its fingerprint sensor payments.

Apple Pay was launched in September and has seen pretty high success rates, with 90 per cent of credit card firms supporting the payment method.

Samsung will now have to keep up, offering something as easy to use and innovative with a wide range of partners both in the money and retail spaces.

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