As Apple Pay Gains, Samsung Eyes Launching a Rival

Since launching Apple Pay in October, Apple has seen a steadily growing number of banks and retailers sign on in support of its new, Touch ID-secured mobile payment system. Meanwhile, Samsung is reportedly considering rolling out its own smartphone-based payment technology.

According to an article published Tuesday on Re/code, Samsung has been in talks with a mobile payments startup called LoopPay. The article cited a source who said a prototype system for Samsung phones had already been created.

We reached out to both Samsung and LoopPay for comment, but did not receive a response from Samsung. A spokesperson for LoopPay replied via e-mail, "We're aware of the speculation that LoopPay is working with a potential handset manufacturer partner. We are focusing now on marketing our current and upcoming products, such as our recently launched LoopPay CardCase. We do not comment on speculation about the future of the company."

'Dozens' More Banks Sign On

Over the past few weeks, Apple has signed up "dozens" more partners for its mobile payments system, according to a Tuesday post on The New York Times Bits blog. With the addition of new bank partners including SunTrust, Barclaycard, USAA, TD Bank North America and Commerce Bank, Apple Pay is now backed by companies that "represent about 90 percent of the credit card purchase volume in the United States," the post said.

Among the retailers accepting Apple Pay are the Disney Store, Macy's, McDonald's, Subway, Toys R Us, Walgreens and Whole Foods Market. According to Apple, those companies will be joined "later this year" by Albertsons, Urban Outfitters and Walt Disney World, among others.

Available on the iPhone 6 and other Apple devices using iOS 8, Apple Pay allows users to quickly make payments without the need for cash or a credit or debit card. The system uses a unique...

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