Samsung takes fight to Apple with mobile wallet strategy

An employee demonstrates a Samsung Pay, Samsung’s new mobile payment system at a shop in Seoul, South Korea, September 4, 2015. REUTERS/Kim Hong-Ji/Files

Smartphone leader Samsung Electronics has for years been a spectator as Apple built a services “ecosystem” supporting its products. But now, as the two develop the market for mobile payments, the Korean tech giant is taking the fight to its U.S. archrival.

For Apple, offering users the ability to tap their iPhones on sales terminals to buy a coffee, snack or train ticket is a fresh revenue stream, like its iTunes music and entertainment service. The banks it works with cough up a small charge for each transaction – reportedly 0.15 percent in the United States.

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