Samsung to buy LoopPay (mobile payments)

Everything Goes

19-02-2015

Quote:
“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/

tdenson

19-02-2015

Originally Posted by Everything Goes:
“http://www.engadget.com/2015/02/18/s...-buys-looppay/

http://techcrunch.com/2015/02/18/samsung-looppay-plans/”

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.

kidspud

19-02-2015

Originally Posted by Everything Goes:
“http://www.engadget.com/2015/02/18/s...-buys-looppay/

http://techcrunch.com/2015/02/18/samsung-looppay-plans/”

It isn't clear to me how it would work with UK chip and pin machines.

kidspud

19-02-2015

Originally Posted by tdenson:
“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.”

Except Apple will need to release ApplePay over here for it to be of any use to anyone.

The amount of time phone manufacturers and banks have had to release a credible payment system in the UK is crazy.

tdenson

19-02-2015

Originally Posted by kidspud:
“Except Apple will need to release ApplePay over here for it to be of any use to anyone.
.”

Agreed, but I suspect when they do they will get it right.

Anika Hanson

19-02-2015

Originally Posted by tdenson:
“Agreed, but I suspect when they do they will get it right.”

I wonder how long it will take though. We are still waiting for iTunes radio...

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.

Everything Goes

20-02-2015

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/

kidspud

20-02-2015

Originally Posted by Everything Goes:
“This is a huge advantage for Samsung over Apple Pay.

http://www.theregister.co.uk/2015/02...nge_apple_pay/”

Yes. I the U.S. every store has and excepts payment via mag strip. That isn't true for the rest of the world.

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

jchamier

20-02-2015

Originally Posted by kidspud:
“Yes. I the U.S. every store has and excepts payment via mag strip. That isn't true for the rest of the world.”

Except the US banks have already announced they are requiring all their retailers to upgrade to EMV (chip&pin) by end of 2015, and the new EMV terminals will all support NFC/Paywave, which should also be the same technology as ApplePay. They're just a few years behind europe.

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).