Samsung to launch Apple Pay rival, reports say

Samsung is currently in talks with a wireless payments start-up to set up its own Apple Pay-style ecosystem, according to new reports.

Recode has revealed that the South Korean firm is trying to woo Massachusetts-based firm LoopPay, although it’s not yet clear whether a deal has been confirmed.

The system would reportedly come into existence some time in 2015, the same year in which Apple is expected to push through a wider roll out for its own payment service.

LoopPay integration would mean Samsung’s smartphone users would be able to make contactless payments in brick-and-mortar retail stores.

Currently, Apple Pay works through NFC chips built into iPhone 6 and 6 Plus units, with the TouchID fingerprint sensor used to verify authentic payments.

Samsung could quite easily integrate a similar system, as its flagship handsets tout both a fingerprint scanner and NFC support.

Google already offers its own wireless payment service – Google Wallet – which is available to all Android smartphones.

Unfortunately, the Mountain View-based firm never rolled out the service beyond US borders, nor did it market Wallet very well, both of which have contributed to a lacklustre uptake.

It’s no surprise then that Samsung wants to eschew Google’s payments and lock horns with Apple off its own back.

Building an in-house alternative to third-party wireless payment systems could be a big incentive for consumers to pick up a Samsung handset over an Android rival.

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Of course, there’s no way of confirming the latest rumours to be true, and even if talks are in progress, there’s always a chance the deal could fall through last minute