Samsung is reportedly planning to launch its own wireless mobile payments system in the New Year.
As Digital Spy reports citing Re/Code, the smartphone maker is in talks with a payments startup called LoopPay.
The move comes after Apple launched its own mobile payments system Apple Pay earlier this year.
Much like Apple, Samsung's system is expected to include the use of fingerprint identification technology found on the most recent Galaxy handset.
LoopPay currently allows users to pay for goods using a key fob, an electronic card or a smartphone case with existing card machines. The company achieves this by using a magnetic secure transmission, without the need to swipe a payment card.
As the solution mimics a traditional card swipe, Samsung has the potential to work in more retailers than the likes of Apple Pay or Google Wallet, which need extra NFC equipment in stores.
Spokesmen from both companies have declined to comment, but one source says the deal could still fall through.
