In the new frontier of mobile payments, we’ve yet to see a definitive winner come in and take the market by storm. Both Google and Apple’s NFC-based payment systems have certainly made a name for themselves, but they’ve yet to reach the kind of saturation and ubiquity old fashioned magnetic strips have. Which is exactly what Samsung is rumored to be leaning on to make an impact in the mobile payment market in 2015.
According to rumors circulating the web today, Samsung could be forming a tight partnership with startup LoopPay to bring a new kind of mobile payment system to select Samsung devices next year. Where Google Wallet and Apple Pay rely on NFC technology to complete payments, LoopPay uses something they call magnetic secure transmission. With the help of special hardware developed by LoopPay, consumers can use some kind of special fob or smartphone case to generate a magnetic field that mimics a card swipe. All users have to do is set up a LoopPay account, then place LoopPay’s special hardware near any normal credit card reader and they’re good to go.
While the partnership between Samsung and LoopPay isn’t set in stone, the relationship has apparently advanced enough for Samsung to create a prototype device with LoopPay technology built in. If the partnership ends up working out, LoopPay hardware would theoretically be embedded into Samsung’s next flagship device which should debut sometime in the Spring of 2015.