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Samsung Acquires Apple Pay Rival LoopPay

shyam09 said:
AS for EMV at the end of the year - I'm actually interested in how Samsung will tackle this. LoopPay mentioned that they were working on something, and I'm genuinely curious how far LoopPay will actually go.
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My understanding is that they're hoping to get banks on board to issue magnetic stripe card tracks to them, and protect the data from counterfeiting through some type of dynamic data.

Remember, EMV breaking LoopPay isn't an unintended consequence, it's the entire purpose of EMV - prevent counterfeiting cards. Right now, LoopPay is just creating counterfeit cards, so to speak.
 
So to use this with an existing phone, you have to add a special case?
Maybe Samsung will integrate it with their phones somehow.

Why would I want to add a casing to my thin iPhone 6 plus just for payment?
That's nuts, definitely not for me.
 
perkedel said:
So to use this with an existing phone, you have to add a special case?
Maybe Samsung will integrate it with their phones somehow.

Why would I want to add a casing to my thin iPhone 6 plus just for payment?
That's nuts, definitely not for me.
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You have the option to take out and plug-in a Loop-pay dongle to your phone headphone jack, hold it up to the magnetic reader and type in a pin then hope it works

... or just take out your credit card... whichever is more convenient. ;)
 
BC2009 said:
What's more, I don't think merchants are going to get the "card present" rate from Visa or MasterCard with an app/device that clones the magnetic strip.
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Why not? That seems very likely to me. The reader doesn't even know it's not a card, so how would it think it isn't "present"?

Apple had to cut deals to get "present" with their system.
 
shyam09 said:
Wow the amount of fake Apple orgasms is unusually high in this thread. Though I have to be thankful since I've always wanted to see a thread that got as crazy as this one.

I think what most people here are ignoring is that Apple Pay - as 'popular' as it's gotten, isn't widely accepted everywhere. Both have their pros and both have their cons. LoopPay - at it's current stage - only uses a 4 digit pin to protect the credit card information on the device. Samsung has adapted fingerprint recognition into their latest flagship devices. With the acquisition of LoopPay, isn't it obvious that the next iteration of Samsung phones (maybe the S6 - but as a firmware update maybe?) that access to LoopPay will be through the fingerprint reader rather than a pin number.

AS for EMV at the end of the year - I'm actually interested in how Samsung will tackle this. LoopPay mentioned that they were working on something, and I'm genuinely curious how far LoopPay will actually go.
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To your last point - I believe that this is the real "thing" with Samsung. LoopPay is a short-term thing (because of EMV) so Samsung must know something about the technology in order for them to do this deal. The alternative is that they're stupid, and that not credible (although at times they've pushed the boundary :)

To your earlier points - NFC payments will become more prevalent as more and more merchants have new NFC-capable terminals. Some will be Apple Pay, others will be payWave/PayPass etc, some will be GW. The rising tide will increase the level for all but it will be interesting to see the split for NFC payments for the fourth quarter this year.

It will also be interesting to see Samsung's new fingerprint reader. The existing one has been generally derided as close-to-useless so now they're working on one more like Apple's (which is based upon AuthenTec). The key thing is to be reliable and "mostly" accurate (no false positives, few false negatives). It seems that Apple has that already.
 
Piggie said:
Actually they have, and have been using phones for payments for years in other countries.

I think in general the problem is, its an answer to a problem that's not really there.

People carry a wallet or a purse in general and they carry various plastic card, club cards, discount cards, credit and debit cards, a driving licence etc etc.

Simply, in the UK anyway, slipping in a card entering in a 4 digit pin takes seconds, it's easy, and there really is just not any desperate OMG Need for systems like this, they may shave a few seconds off at the checkout after you have been in the queue for a while after shopping for some time, but really it's no biggie.
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:rolleyes:
It's a problem in the US. Congrats that it isn't to those in the UK. (or other places)
 
JAT said:
Apple had to cut deals to get "present" with their system.
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I don't think so. Do you have solid info on that - that you're willing to post ?

OTOH - Apple DID do deals to get CP rates for CNP transactions. Perhaps that's what you're thinking of ?
 
mackinmike said:
That's not the point. Stick to what is the debate here. Who came out with what first? NFC payments have been used by other companies long b4 Apple.
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There is a difference between implementing a standalone technology and bringing an ecosystem to market that actually gains traction because it was well thought out, and resonates with all of the entities involved, including consumers, merchants and financial institutions.

If you want someone to play your game and say that Apple didn't invent NFC technology in the smartphone arena, fine. I'll do it. But what they did do is take a technology that wasn't on anyone's radar outside of geekdom's, and incorporate it into a mainstream ecosystem that has their competitors trying to play catch up.
 
How is it that a pharmaceutical company can produce a life-altering or life-saving drug and charge whatever they want for it while having 7 - 10 years exclusivity before generics are made available, but whatever Apple creates can be readily stolen, copied, and on the shelves in a blink of an eye?

If anything, it should be the other way around, with nonessential items like a phone and tablet garnering more protection than drugs which could save lives if they weren't so expensive (I'm looking at you, Sovaldi, at $1000/pill.)
 
vpndev said:
Coming back to your original point - Samsung's reaction is interesting. Buying LoopPay is an obvious play - except that its core mechanism has only about six months to live. Samsung does some unusual things but this doesn't seem to be one of them. There's obviously something else in the company that S finds valuable. Maybe technology-under-development, maybe customer base, maybe something else. But there has to be something else - the basic LoopPay stuff is too short term.
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Maybe LoopPay didn't tell them. The information is public, so it's up to Samsung to do due diligence before buying a company, and maybe they didn't. Now imagine someone at Samsung reading MacRumors. Who is going to tell their boss the good news :p

Whitelobster said:
How is it that a pharmaceutical company can produce a life-altering or life-saving drug and charge whatever they want for it while having 7 - 10 years exclusivity before generics are made available, but whatever Apple creates can be readily stolen, copied, and on the shelves in a blink of an eye?
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Because a pharmaceutical company will have a patent on exactly that medication that they are producing. They will never get a patent on "medication that stops headache", only a patent on their particular method of stopping headache. Another company is free to create their own headache tablets.

In this case, Samsung is "copying" (in quotes, because it isn't really copying) the idea that you can make payments using your phone. That isn't patented and not patentable. Every phone manufacturer is free to implement something that allows payment by phone. I don't even think Apple has any patents. The advantage that Apple has is that their phones are not hackable, that their phones have a fingerprint sensor that works well and isn't hackable, that their phones include an extra chip (the "secure enclave") that can make credit card transactions that are safe and private, and that Apple talked to the banks and credit card companies and convinced them to work with Apple.

Every company, including Samsung, can copy all these things. But without the secure fingerprint sensor and the "secure enclave", it will be very hard to convince the credit card companies. And since there is a lot of money involved (huge fraud opportunity if an implementation is hackable), the credit card companies will be looking very, very, very closely at the implementation and at the company making the implementation.
 
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Whitelobster said:
How is it that a pharmaceutical company can produce a life-altering or life-saving drug and charge whatever they want for it while having 7 - 10 years exclusivity before generics are made available, but whatever Apple creates can be readily stolen, copied, and on the shelves in a blink of an eye?

If anything, it should be the other way around, with nonessential items like a phone and tablet garnering more protection than drugs which could save lives if they weren't so expensive (I'm looking at you, Sovaldi, at $1000/pill.)
Click to expand...

Uh, what exactly was it that was stolen, copied from apple? Certainly not apple pay since it was the last to the table.

Maybe it's a typo and you are saying the nfc payment methods that were out before apple should have kept apple from coming out with apple Pay?
 
Lloydbm41 said:
I have all 3 methods of payment. Google Wallet,  Pay and LoopPay.
Guess which one works everywhere and I use daily?
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And guess which one of the 3 will not be obsolete in a year.
Pro Tip: It's not google or samsung's efforts.
 
Brics said:
Yeap. Just like Apple when they copied Google Wallet. Monkey see, monkey do.
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Did you read any of the articles that explain how Apple Pay works? Apparently not. This is in no way a copy of anything Google has managed to do.

Toltepeceno said:
Uh, what exactly was it that was stolen, copied from apple? Certainly not apple pay since it was the last to the table.
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Uh, what exactly was it that was stolen, copied from apple? Certainly not Apple Pay, because Samsung's system will break in a few months unlike Apple Pay, it is inconvenient, it is not safe, and it doesn't protect your credit card number.
 
Nothing new here

I have had this technology with my iPhone since my original 3G. I just took the mini key chain card that my credit card company issued to me, and taped it to the inside of my iPhone case. All I had to do was pass the iPhone in front of a retailers terminal and done.

Of course, it's long been known that unscrupulous thieves could be standing nearby in line with their own receiver and intercepting your transaction info, which was not tokenized like Apple Pay. This is why all the banks jumped on the Apple Pay technology.
 
the8thark said:
And guess which one of the 3 will not be obsolete in a year.
Pro Tip: It's not google or samsung's efforts.
Click to expand...
Pro Tip: You neither work for Samsung or LoopPay. Ergo, you haven't a clue what you are talking about.
Pro Tip 2: Not all venders will be ready in time for chip and pin.
Pro Tip 3: How many places accept Apple Pay? Very, very few. I use it when I can, but 9 out of 10 times, I use LoopPay.
 
I read about Loop pay a few months back.... simply because I liked Apple Pay so much I thought I'd check it out. But it needs a fob, it needs extra stuff and decided it wasn't for me. I just want more places to accept Apple Pay. I use Apple Pay as much as I can. I want to use it more. There is only so much stuff you can buy at Walgreens. But you know what? Walgreens is selling me that stuff weekly because the grocery stores that I live close to do not take Apple Pay and it is my way of promoting the service.
 
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