Samsung is reportedly working on its own mobile payment service for future smartphones as a rival to the recently launched Apple Pay. The service could launch sometime in 2015.

According to Re/code, using unnamed sources, Samsung is in talks with the startup company LoopPay to implement their payment technology in at least one of Samsung's devices. It states:

LoopPay's technology can wirelessly transmit the same information stored on a debit or credit card's magnetic stripe to a store's checkout equipment without swiping a card. The company has embedded the technology, which it calls magnetic secure transmission, into a few hardware products it sells directly to consumers: A fob, as well as a LoopPay digital payment card that can be used on its own or while secured in a special LoopPay smartphone case. To complete a purchase, LoopPay users tap any of these devices near the spot on a store's credit card terminal where a card is usually swiped.

The report says that a prototype of LoopPay's system working on a Samsung phone has been made. However, it adds that a deal between the two companies could still fall apart. Neither Samsung nor LoopPay would comment on Re/code's report.

Source: Re/code