Samsung reportedly paid a hefty $250m to acquire Apple Pay competitor, LoopPay,
The technology is to be used in Samsung Pay, and will reportedly allow users to swipe their phones at stores that accept the service.
However, unlike Apple Pay, Samsung Pay uses technology similar to that used in card-swiping, meaning that most stores would not need to install new software to be compatible.
This is one of many technologies currently being developed to rival Apple’s widely successful payment system, including Walmart’s CurrentC and PayPal’s recent acquisition, Paydient.
Samsung Pay is slated to launch later this year.
