Samsung to soon launch app to compete with Apple Pay, Google wallet

Samsung Electronics is planning to take on arch competitors Apple Inc and Google Inc in another sphere of the technology world. This time, in the mobile payment game.

The Korean technology giant is set to launch an application to take on Apple Pay and Google wallet, allowing users to make purchases right through their phones.

According to a report by The Verge, getting into the mobile payment game is crucial for Samsung as it makes its own software to compete with whatever Google and Apple may have.

Users of Samsung's Android phones will find themselves with access to multiple services as Google Wallet and mobile payment apps like Softcard are already available to them.

Apple Pay supports around 90 per cent of the cards that make up the credit card purchase volume in the US and is continuing to include more banks along with TD Bank North America, BB and T, and Commerce Bank.