News by Luke Jones on Wednesday February 25, 2015.
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The more cynical would say it was inevitable that Samsung would explore a payment system, especially now that Apple has one. Samsung is known to be interested in setting up its own Apple Pay style product and Samsung's heir Lee Jay-yong met with PayPal founder Peter Thiel yesterday about linking together on Samsung's payment system.The pair met at a Samsung owned hotel in Seoul, South Korea and spoke for an hour. Korean outlets are reporting that "Samsung's Lee may have asked for business advice from Thiel, who is an expert in fintech. Expectations are high that Samsung will soon launch a new competitor to Apple Pay." Further fanning the rumor flame was Samsung's purchase of LoopPay, another step towards launching its own mobile payment service. The company will apparently unveil the system alongside the Galaxy S6 flagship smartphone next week and while it is unknown whether Samsung Pay is as robust as Apple's model, the signs are good. For example, Sammy's system means that any credit card with a magnetic strip will work on more than 10 million points across the globe. Apple on the other hand asks that merchants equip their POS terminal with a dedicated system.
Luke Jones is the Managing Editor at MobileBurn.com and is the person you need to speak to about the content on the site. Luke studied creative writing at degree level before carving out a reputation as a freelance tech writer. He settled here at MobileBurn, where he reviews devices and contributes to the news, as well as overseeing the site's content and direction.