samsung

Apple Pay hasn’t even launched yet in the UK, but people are still calling it the most innovative mobile payments system out there so far.

Unsurprisingly it seems that other manufacturers want in – in fact, it looks like[tweet_dis]Samsung is looking to launch a rival mobile payments system[/tweet_dis]in the near future.

A report on Re/Code states that Samsung is actually in talks with a start-up named LoopPay, which claims to be the “most accepted mobile wallet on the planet.” It’s thought that Samsung would take advantage of a partnership, to offer a mobile payments system which works with all cards right from launch day.

Doing things differently

Samsung won’t be using NFC to authorise mobile payments like Apple though – LoopPay’s technology uses a magnetic signal which acts as the equivalent to swiping your card strip. It all sounds pretty clever, right?

NFC

It’s this technology that would allow you to make the most of the system no matter what card or payment terminal you were using.

How does Apple Pay work?

Apple Pay does actually use NFC and the Touch ID fingerprint sensor on its phones to authorise mobile payments. But the issue is that not all cards are currently compatible with the system, so Samsung does have a chance to get ahead of the game here if the rumours are true.

Apple Pay

Apple Pay will be here sooner though – it’s set to take the UK by storm in early 2015, and it’s safe to say that Apple fanatics will be more than ready for the new technology. Will UK consumers take to the technology as well as over in the US though? Only time will tell.

Will you be making the most of Apple Pay? Do you think mobile wallets are the future? Tell us what you think on Facebook or Twitter. You can catch more of the latest technology news right here on our blog too.

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