Samsung exec met with PayPal founder yesterday to discuss Samsung Pay

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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16 Comments

1. medtxa

Posts: 1655; Member since: Jun 02, 2014

great! samsung

2. GeorgeDao123

Posts: 432; Member since: Aug 20, 2013

Samsung is making wise steps.

3. fepecy

Posts: 15; Member since: Sep 03, 2014

totally agree with you, GeorgeDao123

4. Nathillien unregistered

Way to go Sammy

5. willard12 unregistered

Doesn't Samsung already have an agreement with Paypal with their app being on the Gear Watch and the use of the fingerprint scanner to certify Paypal payments?

6. bubbadoes

Posts: 1225; Member since: May 03, 2012

doa. wallet. paypal. applepay. currentC. already too much on the table. move on Samsung. will be just like all of the other one month wonders they release

8. engineer-1701d unregistered

not doa since it can be used anywhere a card is taken, not nfc so even the cheap and mid phones in third worlds can use it.

10. DROIDX0430

Posts: 469; Member since: Nov 24, 2010

DOA!! you realize that people in 3rd world countries have better things to spend their money on. Considering At least 80% of humanity lives on less than $10 a dayn Change your handle! cleary not! #8

7. yoosufmuneer

Posts: 1518; Member since: Feb 14, 2015

Please PA dont call it Samsung Pay. Sounds Irritating.

9. engineer-1701d unregistered

i like samsung card or sam-pay

11. TypicalGeek

Posts: 220; Member since: Feb 19, 2015

It should be "Pay Samsung". LOL

15. yoosufmuneer

Posts: 1518; Member since: Feb 14, 2015

that would be awesome while giving the real meaning

12. TechieXP1969

Posts: 14967; Member since: Sep 25, 2013

Samsung Pay is going to bur Apple Pay out the box. What I gather is Loop Pay exist in all card readers at checkout. It is essentially how a merchant credit card machine readers the strip on a card. The phone will simply transmit the same signal to the machine which is 100% identical to a swipe. Since the tech is already in the system, merchants don't have to install anything. Whether you use Apple Pay or Samsung Pay, it requires you to own a compatible piece of hardware. Hwoever with loop pay your purchase is less than $20 for a case to go on your phone or you can get a keyphob which I think syncs with your phone. You don't need a phone with NFC and merchants don't have to spend money to use the tech. This essentially gets Samsung Pay to have more users because they can use what they already own. They don't have to buy a phone which is the most expensive way to join the service. Over 10M card readers already have this tech and it isn't going anywhere.

13. pupkin

Posts: 150; Member since: Feb 04, 2015

Seriously SamsungPay? They even try to copy the lame name of ApplePay? Samsung People please stop being a Secondhand company. Don't be fooled by Apple, Do you think those guys actually competes with you guys? Apple is a company run by Artist, and True Artist doesn't competes. They just do.

14. iushnt

Posts: 3176; Member since: Feb 06, 2013

If u don't know how to understand articles and rumors then it's better for u not to post any dumb comments

16. yoosufmuneer

Posts: 1518; Member since: Feb 14, 2015

Yeah, An artist who said good artists copy great artists steal. He was a theif (Proved). Samsung didn't introduce this even until now and it will introduce but it isn't Samsung pay, they'll probably stick with another name.

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