Samsung seems to be making every possible move to get in its mobile payment system Samsung Pay soon in action. Recently, the company also bought out the LoopPay that is famously used in many of stores in US. In order to give a further boost to its project, PayPal founder Peter Theil and Samsung heir Lee Jay-yong had recently has a meeting at the company’s own owned hotel in South Korea Seoul. It is said that the negotiations between the two parties have been quite fruitful and the hour-long meeting is said to have clicked for 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.”

The Samsung Pay is reportedly being incorporated in the upcoming Samsung Galaxy S6 and the great thing is that at the start only it is supposed to work anywhere with the magnetic strip debit and credit card acceptance with over 10 million points worldwide.

The case for Apple Pay was that it required merchants o have their own dedicated POS terminals, which somewhat has been the reason for its low adoption but as Samsung might use the already established and widely accepted LoopPay system, the acceptance for its Samsung Pay is expected to be fast.

source: KoreaHerald