Report: Samsung to offer its own mobile payment system next year

Report: Samsung to offer its own mobile payment system next year
A report published today reveals that Samsung is looking to offer its own mobile payment system next year. To that end, Samsung is said to be in talks with LoopPay, a start up based in Burlington, Mass. One person familiar with the talks says that a prototype of the system has been developed and has worked successfully on a Samsung handset. LoopPay CEO Will Graylin has hinted that LoopPay would be found next year, embedded in smartphones from a major manufacturer. The executive wouldn't confirm that Samsung is the handset manufacturer involved.

Samsung is looking for a way to challenge Apple Pay. That is the mobile payment system that Apple offers on the Apple iPhone 6, Apple iPhone 6 Plus, and the Apple Watch. The user selects the credit card that he wants to use for a particular transaction. NFC connectivity is used to transmit payment information as the iPhone is held over the wireless terminal. Touch ID verifies the identity of the person making the purchase.

LoopPay's technology differs from Apple Pay in that NFC is not employed. Instead, "magnetic secure transmission" is used, allowing the user to tap his device near a credit card swipe terminal. LoopPay's technology is currently available embedded in a fob or a digital payment card. The card could be stored inside a smartphone case.

Because LoopPay's system mimics a credit card swipe, it is available in many more stores than Apple Pay. While Apple Pay is available in 220,000 retail establishments in the U.S., over 10 million retailers accept LoopPay. But Graylin added that the talks between his company and the unnamed smartphone manufacturer will result in the addition of NFC technology to LoopPay's use of magnetic stripes. According to the CEO, those using LoopPay will not need to open an app to make a payment.


source: LoopPay, Re/code via AppleInsider

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45 Comments

1. promise7

Posts: 894; Member since: Jul 03, 2013

The article says Apple Pay is also on the 5c and 5, is that true? They don't have fingerprint scanners or NFC, and I thought Apple Pay will only work with the 5s if you pair it with a Apple Watch.

22. theoak

Posts: 324; Member since: Nov 16, 2011

If you have an iWatch ... then you could use other Apple phones.

2. Ninetysix

Posts: 2962; Member since: Oct 08, 2012

Samsung Galaxy Pay or SPay?

42. AlikMalix unregistered

I was so sure, that Samsung was going to "me too" I even made jokes about that... I can't believe it took them this long to "me too" the Apple Pay feature...

3. bubbadoes

Posts: 1225; Member since: May 03, 2012

DOA!!!. with all the competition out there between mobile payments systems, (wallet, apple pay, softward (isis), want last a month...I'm betting.

4. fzacek

Posts: 2486; Member since: Jan 26, 2014

I think it's about time Google kicked Samsung off the Android team, since they want to do everything on their own anyway...

7. AmitMajumder

Posts: 178; Member since: May 21, 2012

You MAD bro? Almost 40% of android devices sold worldwide are of Samsung. Android's most profit comes from Samsung. And you say google to kick Samsung off?

10. HTCOE

Posts: 650; Member since: Nov 20, 2011

who cares if they have 40% now which is actually shrinking... and yes id say drop em and the numbers will show up the same just for a different OEM if you think about it -_-

20. inyourdreams

Posts: 11; Member since: Dec 16, 2014

why am I not surprised that you'll want that. In your dreams if you think HTC will take Samsung spot

24. HTCOE

Posts: 650; Member since: Nov 20, 2011

you must think i am on htc side with my username. sorry

29. inyourdreams

Posts: 11; Member since: Dec 16, 2014

Some of us can see through your BS.

9. HTCOE

Posts: 650; Member since: Nov 20, 2011

i know right haha

16. maherk

Posts: 6773; Member since: Feb 10, 2012

For those who were afraid that Samsung was gradually breaking away from Google and its open source Android OS, both parties said that the pact "would lead to deeper collaboration on research and development of current and future projects." http://www.phonearena.com/news/Global-patent-agreement-reached-by-Samsung-and-Google_id51820 Not even in your sweetest dreams kiddo.

17. hurrycanger

Posts: 1759; Member since: Dec 01, 2013

Yeah as if it's gonna do any good for Google. :3

30. rd_nest

Posts: 1656; Member since: Jun 06, 2010

Look at the size of Samsung and the size of google. You don't mess with the world's largest conglomerate. Unlike Google which relies of search business for 95% of it's business, Samsung is so diversified that they can ride the tide if one business goes down. And Android will be nowhere without the Linux kernel. You can't stop Samsung from using Android even if Google wanted.

34. magnanimus

Posts: 565; Member since: Mar 29, 2013

Damn right! I feel Samsung is the one giving android a bad name and making Apple sales increase. The number of times I heard "Don't get android it lags" from a casual is more than i can admit and this is because they use Samsung phones. If Samsung is off Android, other manufacturers that value Functionality > features (HTC, Motorola, OPO, Nexus) will be in the spotlight and people will have more choices than Samsung and Apple

36. fzacek

Posts: 2486; Member since: Jan 26, 2014

+1 to you, I just can't stand it when people think "Samsung" is synonymous with "Android"...

44. j2001m

Posts: 3061; Member since: Apr 28, 2014

Sorry to say but there is no lag on my note edge with the 10 screen page edge update in the uk that I got the other day(sim free no software crap added) it's faster than my nexus 5 with 5.0, no lag on anything, opens all apps faster and so on, it's the best Samsung phone, the way you call apps from the side is cool and very fast

5. kornerstone

Posts: 5; Member since: Dec 16, 2014

Hmm.... i hope they can pick up. Seems that brands are jumping into (if not already) this bandwagon. Let's see who tops it

6. darkkjedii

Posts: 30969; Member since: Feb 05, 2011

Galaxy pay, Apple has taught Samsung well.

12. engineer-1701d unregistered

well they is a samsung galaxy wallet app in samsungs app store has been there for years i used it a few times 2 or 3 years ago found nfc google wallet to be faster and easier, again google taught apple well then samsung wanted it. but the mobile payment section can have many users as long as people are using nfc, thanks android for that remember apple only copies the best tech out there.

27. darkkjedii

Posts: 30969; Member since: Feb 05, 2011

As does Samsung, that's why they've gotten so good. Following in Apples footsteps. Like it or not, if you've followed them, you'll see it. They all copy, but Samsung learned to be great from Apple. Stevie Wonder can see that.

18. maherk

Posts: 6773; Member since: Feb 10, 2012

Apple Watch, iPhone 6+, health kit, quick toggles, predictive keyboard, etc... Yeah, i guess Apple has really taught Samsung well! p.s: Samsung's own wallet app has been on there Galaxy Apps since forever.

32. nctx77

Posts: 2540; Member since: Sep 03, 2013

All of that tech is a spinoff of the original iPhone. Get it?

33. darkkjedii

Posts: 30969; Member since: Feb 05, 2011

He's too stupid to get it.

39. iushnt

Posts: 3086; Member since: Feb 06, 2013

Really dark? Now u supporting him just because he too is an Apple guy..post 18 is completely agreeable, the 6+, healthkit and quick toggles, Apple Watch..all know who learnt from who..BTW I am not saying that Samsung didn't learnt anything from Apple.

45. j2001m

Posts: 3061; Member since: Apr 28, 2014

See my note above about the edge, the reviews are full of crap, that or I do have the new update that came with the uk ver that you can setup 10 screens on the edge

38. kornerstone

Posts: 5; Member since: Dec 16, 2014

I guess they are going into headphones too after Apple bought Beats. Lol

40. iushnt

Posts: 3086; Member since: Feb 06, 2013

Its the other way round..Apple bought beats after Samsung cameup with the Level series of headphones and portable speakers..

8. Wiencon

Posts: 2278; Member since: Aug 06, 2014

I can't wait to hear that Apple is the only one copying others services.

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