Samsung Acquires Mobile Payment Company LoopPay
by Brandon Chester on February 18, 2015 4:19 PM EST- Posted in
- Smartphones
- Samsung
- Mobile
- LoopPay
Today the US based mobile payment company LoopPay announced that they have been acquired by Samsung Electronics America.
LoopPay is a unique example of a payment company that is building their payment system on top of the existing magnetic stripe payment infrastructure that currently exists in the US, rather than using NFC technology which can require waiting for retailer support and the purchase of new payment terminals for stores. Currently the company offers several smartphone cases as well as a keychain fob, and these devices wirelessly interface with the magnetic stripe readers on payment terminals.
It will be interesting to see how Samsung integrates LoopPay's technology into future products, and how they will handle expansion outside of the US where many countries have switched to chip and pin card terminals.
Source: LoopPay
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phoenix_rizzen - Thursday, February 19, 2015 - link
It actually depends on a combination of what limits your bank sets on the card for NFC/RFID payments, and what limits the retailer puts on their terminals for NFC/RFID payments.For example, my MasterCard originally had a $20 limit on contactless payments 5-odd years ago when they introduced it. Then it was increased to $50 a year or two back. And now the limit depends on the retailer, or $100, whichever comes first.
Coffee shops tend to have low limits (~$25). Grocery stores tend to have higher limits (~$100). Gas stations seem to be in the middle (~$50).
It's actually a bit of a crap shoot on whether or not the payment goes through on the first tap, or if the chip needs to be inserted into the machine.
Flunk - Thursday, February 19, 2015 - link
The limit is $100 in Canada. I know this because I've charged purchases of just under $100 using NFC.taligentia - Wednesday, February 18, 2015 - link
The point of Apple Pay is that (a) you don't have bring your wallet with you everywhere and (b) it is safer than using your credit card. If they ever expand it to loyalty cards e.g. Myer One, Nandos, etc it will be way, way more than just a novelty.Murloc - Thursday, February 19, 2015 - link
well most people need to carry a wallet even if they have no money in it because they have the ID card and health insurance card in it at the very least. Then add public transport subscription card or tickets, supermarket loyalty cards, aerial rescue membership, buy 10 get one free paper cards with stamps on them.phoenix_rizzen - Thursday, February 19, 2015 - link
I'm waiting for the on-phone wallet that supports all the store loyalty cards, all the store gift cards, and all debit/credit cards in one. If it supported transportation cards as well, that'd be a nice bonus.Then you only need the ID and medical card (which are being combined here in BC, Canada), a backup debit card, and that's it. Anything else can sit in the glovebox of the car. :) No physical wallet required (I haven't carried a physical wallet in 3+ years now, just 3-4 cards in my pocket).
SkyBill40 - Friday, February 20, 2015 - link
NFC transactions aren't safer than someone asking you for your ID and comparing your info to that of your card. An assumption is made that you're who you say you are if you've got your phone... but that's the problem. What if someone's stolen your phone and you don't know it immediately? At that point, Apple Pay is worthless unless it requires some kind of code or something else before being able to approve the use of whatever cards you've got in there.Personally speaking, I'd be fine with NFC transactions... so long as the person checks your ID.
solipsism - Thursday, February 19, 2015 - link
OK, let me see if I have this correct. Apple Pay is a "novelty" because it allows you to spend considerably more than $100 on purchase? Apple Pay is a "novelty" because it's actually a convenience that allows you to not carry a physical card with you? Apple Pay is a "novelty" because it has inherent security that, by your own admission, isn't even available on your cards so that they can be instantly used by others if even stolen?I think you should read up on Apple Pay and why this "novelty" is actually the secure and convenient method for protecting the banks, merchants, and customers from fraud.
phoenix_rizzen - Thursday, February 19, 2015 - link
You still need a physical card as a backup, along with some actual physical currency. Not every retailer, hot dog vendor, pop machine, farmer's markets, etc supports contactless payment options. Or even debit/credit card payment options.ApplePay won't magically make contact payments available everywhere.
solipsism - Thursday, February 19, 2015 - link
That's a strawman, and not a very good one.You might as well as that credit cards aren't worthwhile because some merchants will still only accept cash.
hughlle - Friday, February 20, 2015 - link
Not really. If they only take cash then you just walk to the closest ATM and withdraw it. Last i checked apple pay doesn't support this rather important feature.