The battle for mobile payment technology is heating up and there's a new big contender on the horizon: Samsung. The Android giant will roll out its Galaxy s6 on April 10th and looks set to give Apple Pay a run for its money. Here's why: On launch day Samsung Pay will be accepted by over ten times more locations than Apple Pay. That's because Samsung recently acquired LoopPay, a product that will let Samsung Pay work on magnetic credit card stripe terminals. Apple Pay on the other hand requires merchants to buy a terminal that accepts Near Field Communication Payments. The Loop Pay technology will be built into the Galaxy S6 but it will also work via the Apple Pay terminals. This means you can use it just about anywhere. The dual track payment system gives Samsung a head start on Apple pay which is only accepted in some 700 thousand location right now. However Samsung may hit a speed bump when it comes to the mobile carriers. Apple can make sure that Apple Pay comes on every one of its phones. But Samsung doesn't have that control. Carriers like AT&T and Verizon decide what software comes pre loaded onto Android phones. And there may be a conflict with their payments company Softcard, which recently did a deal with Google. So while Apple may have a hot competitor in the payment market, it looks like they don't need to panic just yet.

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