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Samsung to buy LoopPay (mobile payments) |
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#1 |
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Join Date: Mar 2002
Location: In the future....
Posts: 11,257
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Samsung to buy LoopPay (mobile payments)
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Samsung is moving into mobile payments in a big way by acquiring LoopPay, a company that lets you pay for things with your phone similar to Apple Pay. LoopPay's technology (which, notably, isn't based on NFC like Google Wallet and Apple's option) mimics swiping a traditional credit card when you hold one of its smartphones cases up to a card reader. That gives it the advantage of working in 90 percent of existing payment terminals (or so the company says).
http://www.engadget.com/2015/02/18/s...-buys-looppay/http://techcrunch.com/2015/02/18/samsung-looppay-plans/ |
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#2 |
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Join Date: Aug 2005
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Quote:
Despite numerous comments on here over the last few years expressing the sentiment that Apple had missed the boat with NFC and mobile payments etc,. they would now appear to have the market for mobile payments sewn up and I would not give this Samsung initiative the slightest chance of any major success.
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#3 |
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Join Date: May 2010
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Quote:
It isn't clear to me how it would work with UK chip and pin machines.
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#4 |
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Join Date: May 2010
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Quote:
Despite numerous comments on here over the last few years expressing the sentiment that Apple had missed the boat with NFC and mobile payments etc,. they would now appear to have the market for mobile payments sewn up and I would not give this Samsung initiative the slightest chance of any major success.
The amount of time phone manufacturers and banks have had to release a credible payment system in the UK is crazy. |
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#5 |
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Join Date: Aug 2005
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Except Apple will need to release ApplePay over here for it to be of any use to anyone.
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#6 |
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Join Date: Dec 2008
Location: UK
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Agreed, but I suspect when they do they will get it right.
Anyhow it's a good job that I didn't buy my 6 plus for Apple pay. It would be interesting if Samsung implement their loop pay over here before Apple Pay arrives. |
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#7 |
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Join Date: Mar 2002
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This is a huge advantage for Samsung over Apple Pay. Quote:
Apple says there are 220,000 point-of-sale terminals which are compatible with its technology – and it has been a huge success in some chains such as Starbucks. LoopPay, however, will work with the 12 million installed mag stripe readers.
http://www.theregister.co.uk/2015/02...nge_apple_pay/
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#8 |
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Join Date: May 2010
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Quote:
This is a huge advantage for Samsung over Apple Pay.
http://www.theregister.co.uk/2015/02...nge_apple_pay/ I don't really understand how it works yet, for example, when mag strip is used in the U.S. you normally have to provide a signature onto an electronic pad. I assume that step will not be needed otherwise the convenience factor is a little lost. Just read this which is a good description of each of them :- http://www.consumerreports.org/cro/n...llet/index.htm |
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#9 |
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Join Date: Mar 2000
Location: This forum
Posts: 3,389
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Yes. I the U.S. every store has and excepts payment via mag strip. That isn't true for the rest of the world.
LoopPay is clever but doesn't fully solve the many security issues - it tries to. Its almost the same as the Samsung fingerprint reader, not secure compared to the Apple one (ie, in terms of how its handled on the device). |
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