Samsung buys mobile payment company LoopPay; Samsung Galaxy S6 will support the service
posted by Alan F. / Feb 18, 2015, 8:25 PM
Instead of using NFC connectivity like most other mobile payment services including Apple Pay, LoopPay relies on the magnetic strip reader terminals at retail store checkout lines. LoopPay's technology turns these readers into receivers. Using a digital payment card that could be stored inside a smartphone case, the user taps his phone to the terminal to make a payment.
With LoopPay's technology, Samsung instantly has a huge advantage over Apple. 90% of retailers already have magnetic swiping machines which mean that over 10 million locations already support LoopPay's system versus the 220,000 and growing that support Apple Pay. David Eun, head of Samsung's Global Innovation Center says, "If you can't solve the problem of merchant acceptance..., of being able to use the vast majority of your cards, then it can't really be your wallet." Apple Pay's use of NFC requires retailers to install it in their stores, something that many are loath to do.
While Samsung's Injong Rhee, who is in charge of the mobile payments project for the manufacturer, wouldn't say if we would hear more about this at MWC in Barcelona, he did say that the Samsung Galaxy S6 will support the service. Rhee has said that Samsung wants to go further than just allowing users to make payments using their phone. The goal is to provide users with information about their spending similar to how the S Health app tracks users health and fitness information.
or you know... use google wallet? but I guess Samsung always wants to make their own things
posted on Feb 18, 2015, 8:26 PM 3
Posts: 1459; Member since: Oct 27, 2011
Isn't Google wallet just like Apple pay? Verizon doesn't allow Google wallet so this will be better than anything out there now, but at the end the wallet is much easier.
posted on Feb 18, 2015, 8:51 PM 1
Posts: 1651; Member since: Feb 11, 2013
google wallet does not work in some countries like australia.
posted on Feb 18, 2015, 9:05 PM 0
Posts: 5653; Member since: Feb 10, 2013
I dont understand this Basically every shop in Australia, NZ (and probably Europe) accept mastercard paypass or mastercard paypass Which mean they will also accept Google Wallet (or even Apple Pay)
posted on Feb 18, 2015, 9:33 PM 0
Posts: 2540; Member since: Sep 03, 2013
No, Samsung wants to be Apple.
posted on Feb 18, 2015, 9:12 PM 6
Posts: 138; Member since: Aug 09, 2011
I was wondering why the only device will support it will be s6 ??
posted on Feb 18, 2015, 9:02 PM 0
Posts: 650; Member since: Nov 20, 2011
this hurry to stay in the competition strategy from sasung is getting old... they envy apple
posted on Feb 18, 2015, 9:27 PM 3
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