NEW YORK – For anyone who has been waiting for Apple Pay’s latest competitor to be announced, the wait may be ending soon. According to reports on Sammobile.com, Samsung will be unveiling the mobile payments platform they’ve developed with Visa (along with the new Galaxy 6 device) at Mobile World Congress in March.

This service, a straight up competitor to Apple Pay, will apparently be called Samsung Pay. The system is designed to work alongside 90% of mag stripe payments terminals as well as NFC terminals. As has been well-documented, Apple Pay is only compatible with NFC-enabled terminals. The broader range of compatible terminals could give Samsung Pay a leg up for consumer use, helping it avoid some of the technical difficulties that Apple faced at first.

According to news sources, Samsung Pay was previously referred to as “Project Zero” because it was built from scratch. The company is also hoping that the newest phone will put an end to their plummeting market share following the release of the Galaxy S5.