Samsung starts new payment to rival Apple Pay

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(NBC) - Let the payment wars begin. Samsung has purchased a startup that it believes can rival Apple's 'Apple Pay' system.

The mobile phone giant purchased a US startup named Loop Pay, whose technology is like Apple Pay, in that it transmits payment information without the use of a card.

But what makes Loop Pay different, according to Samsung, is that Loop Pay's system mimics a card swipe, so merchants won't have to upgrade their payment systems to use the new payment technology.

Both Google Wallet and Apple Pay require merchants to change out their equipment in order to use their payment systems.

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