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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Speedfriend - Friday, February 20, 2015 - link
"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."Except some banks are reporting fraud rate on Apple Pay of 6x the rate on normal cards, becuase criminals are loading up stolen credit card numbers!
Apple Pay will have its uses, but given my Touch Id doesn't work first time every time, it could be come a serious pain trying to use at times, especially for something like the Tube in London.
Murloc - Thursday, February 19, 2015 - link
this looppay is based on a dead technology that still exists only in the US in the first world so it doesn't make any sense to include it in phones.When the US catch up with the rest, the only market where this can work will disappear too.
I hope samsung didn't pay too much for it.
Speedfriend - Friday, February 20, 2015 - link
"this looppay is based on a dead technology that still exists only in the US in the first world so it doesn't make any sense to include it in phones.When the US catch up with the rest, the only market where this can work will disappear too.
I hope samsung didn't pay too much for it."
You may have heard of this region called the emerging markets, where amazingly they also sell smartphones and well equally amazingly many vendors can't afford the few hundred dollars to upgrade to NFC enabled POS machines....
megalee - Tuesday, February 24, 2015 - link
Google did the smart move and bought Softcard!