Samsung fans and mobile payment fanatics have something new to look forward to this year at Mobile World Congress. According to reports on Sammobile.com, Samsung will be unveiling the mobile payments platform they’ve developed with Visa alongside the Galaxy 6 at MCS this year.
This service, a straight up competitor to Apple Pay, will apparently be called Samsung Pay.
Samsung Pay is designed to work alongside 90 percent of mag stripe payments terminals as well as NFC terminals (whereas Apple is, of course, only NFC compatible), which could give Samsung Pay a leg up when it is available for consumer use and help it avoid some of the technical difficulties that Apple faced at first.
Samsung Pay was previously referred to as Project Zero because it was built from scratch. Samsung is hoping their newest new phone will stop the plummeting market share, revenue and profit that happened after the Galaxy S5, even though the phone got extremely good reviews.