Samsung allegedly paid $250 million for the LoopPay mobile payment platform

Samsung allegedly paid $250 million for the LoopPay mobile payment platform
Buried in the drastic design and specs overhaul of the Galaxy S line that Samsung did with the S6, was another shift with seismic potential - the new flagship is the pioneer of Samsung Pay, the mobile payment service that promises to rule them all. Why, you'd ask? Well, with 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 systems, like they have to do for Apple Pay.

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 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.

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.

source: Re/code

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18 Comments

1. CAMBODIANPATRIOT

Posts: 226; Member since: May 10, 2015

LOL Samsung! copycat still copycat not gonna be worth like the original.

2. hohoho

Posts: 65; Member since: Dec 12, 2014

retard alert!

3. AppleCultist

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.

6. CAMBODIANPATRIOT

Posts: 226; Member since: May 10, 2015

I have to see which one is the real winner. Like HD DVD vs Blue-ray :)

7. Ordinary

Posts: 2454; Member since: Apr 23, 2015

You already know ;)

9. AppleCultist

Posts: 335; Member since: Feb 18, 2015

Huh? How can there be a winner if one has full compatibility while the other is a non-player?

4. drunkenjay

Posts: 1663; Member since: Feb 11, 2013

copy what? its apple that copied nfc payments from samsung and google.

8. CAMBODIANPATRIOT

Posts: 226; Member since: May 10, 2015

If you gonna follow other, at least choose another name which is not so obvious. "Apple Pay" vs "Samsung Pay" ? Nice try Samsung, the most shameless company that always imitates Apple.

10. brian81

Posts: 68; Member since: Nov 09, 2012

retarded hahaha..apple pay, apple tv, apple watch, apple music...

11. AppleCultist

Posts: 335; Member since: Feb 18, 2015

Loop Pay.

15. gaming64 unregistered

I have went through every troll and so far you are WORSE than SuperNova.

12. AnTuTu

Posts: 1608; Member since: Oct 14, 2012

@CAMBODIANPATRIOT: Please go back to your cave this civilization is not for you. Such a retard hahaha

13. Ruturaj

Posts: 1484; Member since: Oct 16, 2014

Did you even read the article?

18. Supersonic

Posts: 226; Member since: May 15, 2015

Everybody now knows who is copying whom. Samsung has been leading the charge and the rotten apple is following behind.

5. sipha

Posts: 440; Member since: May 12, 2012

$250 million for something that is completely redundant!!!! why was this so important to samsung?!

14. gaming64 unregistered

After the debut of Apple Pay, Samsung announced Samsung Pay. Kind of a coincidence, does it :P

17. brian81

Posts: 68; Member since: Nov 09, 2012

Nope every company they just want to call their product started with their company name. So the word "Pay" patented by apple also?

16. Napalm_3nema

Posts: 2236; Member since: Jun 14, 2013

$250 million for a sunset technology? Seems legit.

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