Samsung Buying LoopPay to Battle Apple Pay

Managing Editor

Samsung's next smartphone could have its own answer to Apple Pay. The Korean hardware giant is purchasing mobile wallet company LoopPay, which could aid Samsung in providing an alternative to the popular NFC-based payment system found on the iPhone 6 and 6 Plus.

Like Apple Pay, LoopPay's CardCase smartphone case allows users to store credit card information and make payments using just their handset. However, while Apple Pay is only accepted at select stores, CardCase features a small dongle that can run through virtually any point-of-sale terminal that accepts standard magnetic credit card swipes.

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As reported by Business Insider, LoopPay has stated that its technology would be integrated with a major smartphone in 2015. Perhaps not coincidentally, Samsung is announcing its new smartphone March 1 at the Mobile World Congress in Barcelona, Spain, which means we could see the feature debut with the Samsung Galaxy S6.

LoopPay currently offers a $60 CardCase for the iPhone 5/5s, 6 or 6 Plus, with a $50 standalone LoopPay card available for both Android and iOS users. There's no word on whether LoopPay will continue to make the iPhone CardCase after the Samsung deal goes through.

The Galaxy S6's rumored metal body and curved display could result in a potential iPhone killer, and having a payment system with better compatability than Apple Pay could give Samsung even more ammo against its biggest rival. We'll be on the ground for Samsung's big March 1 event in Barcelona, so stay tuned for the company's official announcements.

Mike Andronico is an Associate Editor at Tom's Guide. Follow Mike @MikeAndronico and on Google+. Follow us @TomsGuide, on Facebook and on Google+