Samsung Developing Apple Pay Rival with LoopPay

looppaySamsung is in talks with payments startup LoopPay in the hopes of releasing a wireless mobile payment system in 2015 that will act as a rival to Apple Pay.

While a deal has not yet been reached with the Massachusetts-based startup, a prototype of the payments system working on a Samsung phone has already been created, according to Re/code.

Apple Pays launch has brought mobile payments and NFC technology to a wider audience than ever, and a number of systems are currently competing for a place in the growing market.

The deal with Samsung would represent a big boost in credibility for LoopPay. So far, the companys magnetic secure transmission technology, which transmits the same information stored on a credit or debit cards magnetic stripe without the need to swipe, has not been picked up by many stores, but as it mimics the card swipe, it could potentially work in far more locations than Apple Pay or Google Wallet, which require stores to upgrade far more equipment.

Will Graylin, CEO of LoopPay, hinted at the potential Samsung deal earlier this year, saying that the companys technology would be embedded into a mainstream smartphone in 2015, resulting in massive penetration.