Samsung exec met with PayPal founder yesterday to discuss Samsung Pay
Samsung's heir Lee Jay-yong has met yesterday with PayPal founder Peter Thiel at a Samsung-owned hotel in downtown Seoul, Korean media reports. The hour-long meeting has apparently been dedicated to Samsung Pay: “Samsung’s Lee may have asked for business advice from Thiel, who is an expert in fintech. Expectations are high that Samsung will soon launch a new competitor to Apple Pay.”
If Samsung's buyout of LoopPay hasn't convinced you that the company is launching its own mobile payment system, then this meeting definitely will. The beauty of Samsung's solution that will allegedly debut with the Galaxy S6, is the fact that it will work anywhere magnetic stripe credit and debit cards are accepted, or more than 10 million points worldwide.
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.
source: KoreaHerald
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