Google and Samsung have decided to jump right into the mobile wallet market after the successful integration of Apple Pay.
Google was reported to have teamed-up with three major United Stated wireless carriers in order to develop its own mobile wallet. Samsung on the other hand acquired the startup company LoopPay to in order to take a piece of the action, according to TVNZ.
The recent move from Samsung and Google will no doubt bring the competition between the three companies into another level.
Samsung's plan to enter the mobile payment market has been circulating the tech community since December 2014. The plan to acquire LoopPay was first reported after the success of Apple Pay. LoopPay was acquired by Samsung on Wednesday, both companies declined to offer details about what transpired during the deal, according to CNBC.
One of the major differences that LoopPay has compared to Apple Pay and Google Wallet is its compatibility towards existing magnetic-stripe card readers instead of relying in near-field communication (NFC). Additionaly, LoopPay is along working on the NFC technology in order to give its service more flexibility.
Google's latest venture taps the services of AT&T, T-Mobile and Verizon in order create its own network of mobile payment. Google's newest service will allow Google Wallet users to use their smartphone in paying instead of using cash or credit card. The service was launched before Apple Pay but was not able to gain mainstream acceptance.
Apple Pay on the other hand is being supported by more than 2,000 banks as well as credit unions. Due to its unprecedented success, Apple has yet to provide a comprehensive list of merchants that supports its service.