South Korean phone giant Samsung wants to put its past behind it with the imminent release of the company's Galaxy S6 smartphone, which is expected to sport a whole new design that will be different from the remainder of the company's flagship units. While the device might possess improved hardware specifications and an embellished design, it is also said that the company's upcoming device will feature a brand new payment system that will allow the firm to go head to head with its closest adversary in the smartphone industry — Apple.
Samsung has been rumored to be partnering with LoopPay, which is a mobile payment service that allows consumers to pay for items and other goods and services through their smartphones and tablets. It is expected that the payment feature will be able to get executed through the non-swipe fingerprint sensor that will be present in the Galaxy S6.
However, the payment feature functions differently from Apple's NFC payment service. LoopPay involves the use of a fob. A fob is a specially designed case that will be placed around the smartphone and will allow effortless online transactions to be made. As for the deal that was worked out with the tech giant, it is expected that the LoopPay service will be rolling out the payment case for the Galaxy S5, Galaxy Note 4 and for the Galaxy S6 in due time.
So far, what Apple Pay brings to the table is securely keeping the credit/debit card details on users iPhone and through NFC payment terminals at point of sale locations, iPhone owners are only required to place their devices at the terminal momentarily and their transactions will be completed. One primary advantage of using this form of payment is that credit/debit card details remain on the device rather than being stored on the retailer's server, minimizing overall risk.
As for Samsung's payment feature, more details will be made available during Samsung's Unpacked event on March 1.
