Samsung allegedly paid $250 million for the LoopPay mobile payment platform
posted by Daniel P. / May 14, 2015, 2:24 AM
start off in the US the second half of the year, and roll out from there. Apple Pay requires merchants to equip their POS terminals with dedicated systems, 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. Even Google was put in a frenzy by the Samsung Pay speculation, forcing it to acquire Softcard in a jiffy.Thus, the LoopPay technology and, respectively, Samsung Pay can potentially be accepted in tens of millions of locations around the globe, though the pilot will
How much did Samsung shell out to leap ahead of the pack in mobile payments in one fell swoop? Well, according to "multiple sources," Samsung paid no less than $250 million for the privilege, so it better start actually using it, and quick. Samsung's cut from all transactions is reportedly much less than what Apple, PayPal and the other unsung mobile payment heroes are collecting. This, combined with the fact that you or the merchants don't have to do anything to start using Samsung Pay the way credit and debit cards are now used, will inevitably contribute to the popularity of the platform, which, however, can only be used with the Galaxy S6 and S6 edge for now.
Posts: 226; Member since: May 10, 2015
LOL Samsung! copycat still copycat not gonna be worth like the original.
posted on May 14, 2015, 2:27 AM 1
Posts: 335; Member since: Feb 18, 2015
Actually, Samsung's method is the only one that won't be a gimmick, since it has compatibility with MST. Apple's way and google's way are both dogcrap. There's near zero support for Apple Pay.
posted on May 14, 2015, 2:32 AM 14
Posts: 1663; Member since: Feb 11, 2013
copy what? its apple that copied nfc payments from samsung and google.
posted on May 14, 2015, 2:40 AM 4
After the debut of Apple Pay, Samsung announced Samsung Pay. Kind of a coincidence, does it :P
posted on May 14, 2015, 6:51 AM 0
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