Samsung Pay has been rumored for a long time now, reports started coming our way a while ago, and the company did recently acquired LoopPay, another mobile wallet solution available in the market. The details of this purchase weren't provided by Samsung or LoopPay, so we don't know how much Samsung actually paid in order to acquire the LoopPay. Either way, Samsung is working on Samsung Pay round the clock it seems.
Samsung's Vice President and heir, Lee Jae-yong has met with PayPal founder Peter Thiel yesterday, at Samsung-owned hotel in downtown Seoul according to Korea Herald. The two of them held an hour-long meeting, which was allegedly all about Samsung Pay. "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."
It is not exactly a secret that Samsung wants to launch Samsung Pay in order to compete with Apple Pay, and it seems like the company is trying to get all the info possible, Peter Thiel truly is an expert in that area. Samsung Pay wasn't exactly officially confirmed, but taking into account the amount of reports that came our way, and of course this meeting, it's safe to assume Samsung is working on it. It is even rumored that Samsung Pay will kick off soon, debut on Samsung's upcoming Galaxy S6 flagship, and that it will work basically anywhere magnetic stripe credit and debit cards are accepted, worldwide.
Samsung Pay might be a better solution than Apple Pay, in a way. Apple's solution requires sellers to have POS terminals with dedicated systems ready, while Samsung might use LoopPay directly, which is in theory easier to because it does not require POS terminals, or anything of the sort. As a side note, Google has acquired Softcard recently as well, probably as a reaction to the news regarding Samsung Pay and what not. In any case, it will be interesting to see these three tech giants battle it out in the mobile payment arena.