Samsung Pay making sure it'll work with every major POS terminal out there
The quick adoption of Samsung Pay is undoubtedly due to the buyout of LoopPay. Samsung acquired a company that allows you to do mobile payments the way you do with existing magnetic stripe cards, and merchants don't even have to retool their point-of-sale (POS) equipment, like they have to do for Apple's system.
Apple Pay requires merchants to introduce dedicated POS terminals, that is why the uptake has been somewhat slow so far, but Samsung's decision to directly use LoopPay might quickly make it the most widely used mobile payment system, regardless of the financial losses that the system is still incurring. To solidify its position, and make sure it is compatible with each and every major POS terminal brand out there, Samsung announced that it has gone straight to the manufacturers - Verifone (NYSE: PAY), Ingenico Group, First Data and Clover, PAX Technology, Equinox, ID TECH, MagTek, USA ePay and OTI Global.