We know that Samsung acquired startup LoopPay to develop its own mobile payment service Samsung Pay. It is said to have a huge advantage over Apple Pay, since no special type of hardware is required to be installed in store counters. Currently, only the Samsung Galaxy S6 and the Samsung Galaxy S6 Edge support Samsung Pay. Word on the street is the upcoming Samsung Galaxy Note 5 and the Samsung Galaxy Note 5 Edge will support the payment service. Now, a new report says that the Korean tech giant will unveil a new smartwatch (Samsung Gear S shown below) that will also support the service.
This is according to EconomicTimes. It reports, “Tech giant Samsung Electronics Co Ltd plans to offer a mobile payments function in a smartwatch to be launched in the second half of the year, a South Korean newspaper reported on Monday citing unnamed sources.
“Samsung would use near-field communication (NFC) technology to support mobile payments on the smartwatch, the report said. This is the same technology Apple Inc uses for the Apple Pay function supported by its smartwatches.”
According to Samsung, Samsung Pay will launch in select markets in July.
Of course, since this is anything but official, take it with a pinch of salt.
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