Samsung Working on Apple Pay Rival

Samsung is in discussions to launch a new Apple Pay rival in 2015, according to reports.

After the success of Apple Pay, Samsung is working on its own wireless mobile payments system, according to the Re/Code. This means certain Samsung phones could be used to pay in stores instead of swiping credit cards, but it's not clear how far Samsung is in the creation process with partner LoopPay.

Neither LoopPay nor Samsung commented on the news, the Re/Code reported. The reason could be that they are both in discussions and the deal hasn't been finalized, although an unnamed source reported there was a prototype.

Apple Pay was launched in October with a list of retail partners, and users could wave their phones for payment rather than swiping credit cards. Apple Pay uses an authentication process that involves a fingerprint ID, so it's supposed to be more secure. Samsung is likely to have the same ID process, but "mimics a card swipe" so it will work in more places than either Apple Pay or Google Wallet, the Re/Code reports.

Samsung is viewed as Apple's rival (and it has the litigation to prove it)  so it only makes sense that it would want to compete in the wireless mobile payments arena. 

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