Tech giant Samsung is reportedly in talks with mobile payments startup LoopPay about the creation of a wireless mobile payments system to compete with rival Apple.
According to Re/code, several sources have indicated the talks between the Samsung and LoopPay are ongoing, with one source saying a prototype of the system may have already been created.
Both Samsung and LoopPay declined to comment to Re/code about the rumours, but LoopPay chief executive Will Graylin had indicated to the publication in an earlier interview that the company was in talks with a major smartphone maker about the incorporation of its technology into a new smartphone.
Apple launched its Apple Pay mobile payments system in September and Samsung is believed to be keen to ensure its US rival does not get too far ahead of it in the burgeoning payments field.
At the time of the launch, Apple chief executive Tim Cook touted Apple Pay as an innovation that could change the way people paid for goods and services in shops.
“The vision is to replace the wallet. And the starting point is payments,” Cook said.