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Samsung already working on an Apple Pay competitor

During its September 9 keynote, Apple revealed a new payment system called Apple Pay a system that will make paying with your mobile phone easier. Using NFC and Touch ID, iPhone 6 and Apple Watch users will be able to make payments on the fly.

According to a “high-ranking officer at Samsung Electronics” which has confirmed to Korean MediaSamsung is already working on its own Apple Pay competitor. The source says Samsung has been working hard on integrating its own payment method to its new Smartwatch and upcoming mobile devices, these devices featuring this new payment system are expected to be revealed during MWC 2015 taking place in Barcelona.

A new feature the system will provide is promotional information, giving them the possibility to purchase an item from a nearby store before actually entering store. The service is expected to become available in over 25 countries initially and later on expand to over 50 countries worldwide. Samsung is working together with Synaptic and PayPal (as it has done in the past) to create this new payment method. Synaptic is the leading and most active global company in the payment market through bio-metric verification such as fingerprints, they will help Samsung create a secure system which allows users to verify a purchase using their fingerprint (Similar to How Apple Pay will be used on the Apple Watch with Touch ID on the iPhone).