Samsung intends to compete with Apple Pay with Samsung Pay and it was reportedly willing to spend hundreds of millions of dollars to become a competitor in the mobile payments market. Recode reports Samsung spent $250 million on LoopPay which is the source of the technology behind Samsung Pay, a service that has not launched.

It is believed the price may be higher than the $250 million since Samsung could pay a lot in earn outs if the service performs well. Samsung made other acquisitions and hires just to get Samsung Pay off the ground.

Samsung Pay differentiates itself from Apple Pay by working with any store with a magnetic strip credit card machine, removing the need for NFC setups.