Samsung Acquires Apple Pay Rival LoopPay

[ctdonath]

You've got that backwards, samsung went there first.

Well, Samsung went somewhere first, nobody wanted to follow them there, and it wasn't until Apple showed the right way did Samsung start heading in the correct direction. Except that Samsung is still insisting on blazing a trail, and is veering off toward a cliff (proximity magnet? really?) anyway.

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Just because you feel Google didn't get anywhere with Google Wallet doesn't make it so. You've been able to use it in stores that accept NFC payments for years. You've been able to use Google Wallet to make purchases online for years. You've also been able to get a physical card hooked in to your Google Wallet account for years.

Been able, yes.

But what's the usage rates? Google missed SOMETHING important with Wallet because, relatively speaking, nobody uses it.

 

[sbailey4]

How can CVS ban Looppay if the card reader terminal has no idea if your swiping a real card or if the numbers are being injected into the reader magnetically? That's why it works at over 90% of the locations.
I actually like this idea better because it has a high percentage of success out the box. Samsung could easily build the tech into the back covers or into replaceable batteries for existing devices since the covers are removable.
Pretty much sucks that you have to hear that company ABC joined Apple Pay every time it happens. At this rate f their it would take years to reach 90%.

Well since I am not a payment system developer I cant say for sure how but they managed to ban ApplePay (not because hardware) but because of their CurrentC affiliation. So I am sure they can somehow if once again they only wanted folks to use their CurrentC payment system

 

[LordVic]

Well since I am not a payment system developer I cant say for sure how but they managed to ban ApplePay (not because hardware) but because of their CurrentC affiliation. So I am sure they can somehow if once again they only wanted folks to use their CurrentC payment system

CurrentC uses a QR code for it's payments. Apple uses NFC. So what CurrentC did was demand that the companies in question just shut off their NFC readers

it wasn't just Apple pay that was affected by it.

 

[sbailey4]

Google wallet doesnt use EMV tokenization specification actually thats the thing. Google wallet uses cloud based tokenization which is less secure then local based tokenization that is based on EMV specification, thats the thing.

Plus once you check out at CVS or Walgreens you start getting ad's in your browser for cold medicine

 

[gnasher729]

EBay is splitting from PayPal and Apple aren't going to affect PayPal. And their is nothing to stop PayPal working with the Apple pay system, I'm not sure you understand how it works? Apple pay is just replacing your card, its not an Apple bank, Apples system just works with you bank or other services like PayPal.

The whole reason why I use PayPal on eBay is that I don't want to give a random, unknown merchant access to my credit card details. By going with PayPal I have the hope that my credit card number is handled by someone reasonable competent, and even if they are not absolutely competent, it's only _one_ place where the info can get stolen, and not hundreds.

If websites can use ApplePay, there is no reason for me to use PayPal. The merchants will also prefer ApplePay, because they only have to pay fees to the credit card company without a third party (PayPal) taking their cut as well. So websites will steer you towards ApplePay. So PayPal will get cut out.

CurrentC uses a QR code for it's payments. Apple uses NFC. So what CurrentC did was demand that the companies in question just shut off their NFC readers

it wasn't just Apple pay that was affected by it.

Good information. I knew that Google Wallet was affected as well, but I thought they re-programmed their readers so they would detect if there was a real credit card or not and rejected everything that wasn't a real credit card. So plain NFC credit cards stopped working as well? That will go down well with customers.

 

[sbailey4]

CurrentC uses a QR code for it's payments. Apple uses NFC. So what CurrentC did was demand that the companies in question just shut off their NFC readers

it wasn't just Apple pay that was affected by it.

Well duh yes I did know that. Just forgot So yes disabling hardware is the HOW they did that. Thanks for the reminder.

 

[ChrisCW11]

Double Standard

Monkey see, monkey do. What else do you expect?

Apple Pay was introduced years after Google Wallet.
Apple added NFC long after Android had NFC.
Apple is "secretly" working on self-driving car technology that Google and others have already started.
Apple did maps long after Google did maps long after Mapquest.
Apple did biometric login after Samsung implemented biometric login
Apple went flat long after Microsoft and Google went flat.
Apple added large screen phones well after Samsung pioneered the phablet.
Apple added smaller tablets long after others had small tablets.
Apple will be coming out with a smart watch years after others have already done it.
Apple will be coming out with a pro tablet with possible stylus to fight off Surface and Galaxy Note.

Yes, every company does what every other company is doing, why is Apple held in awe for all the "innovations" that come well after other companies did the same thing?

Apple is not an innovator, they are just a company that uses 20/20 hindsight properly. The reason why Apple succeeds while others fail is that it is easier to follow an established path then it is to break new ground.

 

[moderately]

Copy This

I am so sick of all the wind being blown over who has copied whom. Someone had an idea. If it was a good idea others delivered their take on it. Good for everybody.

Having many implementations of different ideas is good for all of us. Apple's thing is not to be first. It is to do it best. I want them taking good ideas from wherever and making them their own. Samsung can do the same. Use the tool that suits you.

 

[viorelgn]

Why is Samsung going backwards.. We went into NFC and Tokenization due to all the security that occur in 2014? Hello Target, Home Depot and multiple retailer were hit using and Samsung wants to compete with Apple that doesn't secure the information like NFC... People look it up... How embarrassing!

 

[kdarling]

But what's the usage rates? Google missed SOMETHING important with Wallet because, relatively speaking, nobody uses it.

What's Apple Pay usage rates? According to a Black Friday survey, less than 5% of iPhone 6 owners used it when they could.

Google Wallet was up against a LOT, because the carriers blocked it as much as they could, in order to promote their own payment system (Isis now Softcard). E.g. Google Wallet Rolls Out To More Devices – Nope, Still No Love For Verizon, AT&T Or T-Mobile Owners

Think of it like Apple Pay not being taken at Target or CVS or Walmart or other places pushing MCX... only make the ban entire cell carrier specific.

That's why Google finally said "enough!" and basically started all over again last April by dropping support for their old NFC method that was carrier controlled, and switching to a new and carrier-independent Secure-Element-in-the-sky method which has been approved by all the major card networks.

I think this likely helped Apple's effort, because the carrier lock on the Secure Element had finally been broken.

 

[ybz90]

One word -- EMV. Looppay will be dead in two years.

 

[AllieNeko]

One word -- EMV. Looppay will be dead in two years.

Maybe. The current LoopPay product (which I just ordered, since it's down to $10 + shipping) will be dead by the end of the year. I ordered to play with the technology, and expect it to be usable through April, at the most. The sooner it dies, the better. I bought it not only knowing that, but wanting it.

A LoopPay product in conjunction with banks that creates dynamic magnetic stripe tracks that are not coded as chip cards could survive for a long time.

 

[Z400Racer37]

One month after launch: "LoopPay hacked, exposing millions of users' sensitive information."

Dozens* #

 

[aristotle]

Magnetic strip readers are almost non-existent in Europe now and all credit cards and debit cards in Canada have been chip/pin for a while now and many terminals and cards support NFC now.

Why buy a technology company with a limited shelf life?

 

[576316]

Something about Samsung building their own payment service and being trusted with people's payment information deeply concerns me. Isn't this the company whose TVs have just been revealed to listen to your conversations and share them with third parties?

I can just imagine it, in the SamsungPay T&Cs:

'Samsung reserves the right to share all transaction information and full payment details with any third party company or otherwise questionable individual of its choosing.'

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One month after launch: "LoopPay hacked, exposing millions of users' sensitive information."

It wouldn't need to be hacked. Samsung love sharing private information with third parties. They'd be giving your payment details away.

 

[Trapezoid]

I use NFC terminals everyday and I Live in Canada...


its not a slam, bu the USA is extremely archaic and slow when it comes to adoption of this new technology, especially in the banking and finances industry.

the rest of the world was installing NFC payment terminals a decade ago for use with NFC enable smart cards. Virtually every single credit card shipped in Canada today has NFC on it and stores everywhere have been using "tap to pay" for years.

Again, I didn't mean no one uses it. I'm sure there are thousands of people in the U.S.who use it daily too. I'm just speaking to the ppl who act as is nfc is THE standard everywhere else and the usa is late to the party.

Terminals are available everywhere in the US too and have been for as long as I remember. Doesnt mean they're getting used everywhere.

When I'm home I'll past the graphs I did before showing usage rates. You can also check my post history if you don't want to wait, I've posted them before.

Nfc usage is pretty much non-existent everywhere

 

[kuwxman]

If you come later and leave the firstcomer in the dust instantly, I wouldn't call that "playing catch up".

lol, Apple Pay most certainly did not leave Google Wallet 'in the dust instantly.' To this day, Google Wallet is still accepted at more places than Apple Pay is.

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Out of curiosity, why do you say that Google Wallet is more powerful than Apple Pay?

I mentioned it in a previous comment already, but:

1) ability to be used anywhere NFC payments are accepted.
2) ability to be used to make online purchases all over the internet.
3) option to receive a physical card that is attached to your Google Wallet account (great if you want to set it up as a prepaid debit card for kids/or if you're on a strict budget).
4) webpage that shows list of purchases made.
5) Immediate notifications when Google Wallet account has been used to make a purchase.

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Been able, yes.

But what's the usage rates? Google missed SOMETHING important with Wallet because, relatively speaking, nobody uses it.

NFC as a whole hasn't ever really caught on because at the end of the day it is still just as easy to pull the card out of your physical wallet.

 

[kdarling]

If websites can use ApplePay, there is no reason for me to use PayPal. The merchants will also prefer ApplePay, because they only have to pay fees to the credit card company without a third party (PayPal) taking their cut as well. So websites will steer you towards ApplePay. So PayPal will get cut out.

Web merchants pay a cut for both credit cards and PayPal. And from what I can tell, smaller merchants often pay less with PayPal.

Larger websites are going to always support PayPal, because... surprise!... the majority of the world does not, nor will they ever, have ApplePay

 

[DeathChill]

Again, I didn't mean no one uses it. I'm sure there are thousands of people in the U.S.who use it daily too. I'm just speaking to the ppl who act as is nfc is THE standard everywhere else and the usa is late to the party.

Terminals are available everywhere in the US too and have been for as long as I remember. Doesnt mean they're getting used everywhere.

When I'm home I'll past the graphs I did before showing usage rates. You can also check my post history if you don't want to wait, I've posted them before.

Nfc usage is pretty much non-existent everywhere

I disagree. I use tap and pay for probably 9 out of 10 transactions a day. The only places I can think of that I go to that don't have it in Canada is Wal*Mart and Chevron. Bank cards have it enabled by default here so its use isn't uncommon.

 

[Heltik]

more bias. when post #21 stated samsung copied, it's ok. when i mentioned "apple copied", people get all defensive.

i think my point is apple hasn't invented anything but a lot people make it out as they are the orginators. now samsung comes out with another method of making payments and we are here stating, "monkey see, monkey do; samsung copies", etc. when in fact apple does the exact same thing. biased.

Mackin, I think you're missing the point here. Are you really naïve enough to believe that Apple wasn't experimenting with NFC years before they released the iPhone 6. There were certainly rumours abound that Apple was looking to bring NFC to the iPhone in previous incarnations. Apple has never really been an innovator - their strength has been in marketing products of a certain quality and functionality that makes them compelling to the user - usually when they have been incubating in their laboratory for many years. Therefore to state they copied Samsung here is simply untrue. That's like stating they copied Samsung in entering the phone business. People's skepticism of Samsung comes about by way of their "photocopier approach". And in Samsung's case their implementation of NFC (clearly rushed to market, and possibly based upon rumours circulating), was akin to claiming the Wright brothers' first flight was mature enough for a trans-Atlantic crossing.

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Web merchants pay a cut for both credit cards and PayPal. And from what I can tell, smaller merchants often pay less with PayPal.

Larger websites are going to always support PayPal, because... surprise!... the majority of the world does not, nor will they ever, have ApplePay

I'm sure the majority of expendable income in the world, that is internet connected, shall have Apple Pay at some point in the future, if not already.

 

[Trapezoid]

I disagree. I use tap and pay for probably 9 out of 10 transactions a day. The only places I can think of that I go to that don't have it in Canada is Wal*Mart and Chevron. Bank cards have it enabled by default here so its use isn't uncommon.

Not sure how to make what I'm saying clearer.

There are probably thousands of ppl like you, maybe even millions who use nfc everyday.

My point, for the third time now is twofold

1) nfc usage is not as popular all over the world as people make it out to be

2) the US is not lagging behind while the rest of the world uses nfc as a standard

It's simply not the case. People need to understand the difference between actual usage of nfc and the availability of nfc terminals.

There are hundreds of thousands of nfc terminals in place in the US. have been for years. It's just not used by anywhere close to the majority of people and that's the same worldwide.

The technology is there but it's not as popular as ppl try to make it sound

 

[Max(IT)]

Samsung's apologists at their best
Stop speaking about Google wallet: it was a fiasco before Apple introduced Apple pay. Only now you remember Google has it.... but nobody really cares.

 

[Max(IT)]

Yeap. Just like Apple when they copied Google Wallet. Monkey see, monkey do.

... said someone who doesn't know how Apple pay works

 

[bawbac]

something about apple building their own payment service and being trusted with people's payment information deeply concerns me. Isn't this the company whose iphone's have just been revealed to track your conversations and share them with third parties?

I can just imagine it, in the apple t&cs:

'apple reserves the right to share all transaction information and full payment details with any third party company or otherwise questionable individual of its choosing.'

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it wouldn't need to be hacked. Apple love sharing private information with third parties. They'd be giving your payment details away.

agreed!

 

[Max(IT)]

google wallet with nfc has been available for a while.

Indeed.... and nobody cared.

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If you come later and leave the firstcomer in the dust instantly, I wouldn't call that "playing catch up".

Indeed.
It's like the TouchID and all the Android supporters coming here to say "Motorola did it first". Yes, and they failed. While Apple did it successfully.

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are you referring to apple adding app-integration in the share-screen? apple introducing icloud drive? widgets, albeit only in the notification center? third party keyboards? spotlight searching the web? next-word-predictions? hey siri?

true, monkey see, monkey do.

... and Apple's monkey, as usual, does it better. Much better.