Pro Tip 4: If apple pay is only on apple devices then something will fill the huge android opening. I don't know if it will be this, but something will.
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Samsung Acquires Apple Pay Rival LoopPay
- Thread starter MacRumors
- Start date
- Sort by reaction score
Pro Tip 4: If apple pay is only on apple devices then something will fill the huge android opening. I don't know if it will be this, but something will.
this device sounds like it should be illegal, not an alternative form of payment. i mean it records the magnetic strip on a card and plays it back. one thing is for sure, this is one device every theif is sure to have on their christmas list this year 
Google Wallet? An "also ran"? LOL. Google Wallet is the more powerful of the two between itself and ApplePay.
Now, as far as this Samsung acquisition, I hope it dies a slow and painful death...much like I do about all of Samsung's Android devices.
----------
You realize Apple was the one playing catch up here, right? Google Wallet was out long before Apple Pay was a thing.
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.Apple is usually not the first on a technology, but when they get there they nail it. Yeah, took years to include NFC - but for a technology this you-can't-screw-this-up important, they waited (and prepared!) for years for a confluence of events before deliveringPay.
Sure there was NFC "wallets" before. None of them went anywhere.
Now, because Apple nailed it with one product, none of the competitors will go anywhere. A magnetic-field sled? really? even if built into the phone, it's maintaining compatibility with exactly what Apple is well on its way to replace outright, akin to announcing support via a USB floppy-disk when Apple ditched floppies entirely in favor of CDs, thumb drives, and AirDrop.
There's a difference between biding your time while others screw things up, vs scrambling to catch up to someone else's big win. To use the analogy: Sure Google was moving the puck, but not getting anywhere with it; Apple spent the NFC game skating to where the puck would be and could make a winning shot with it; Samsung saw Apple hit the puck and now is diving to block it, but is too far from the goal to stop it.
You keep talking in terms of today. The future will be very different.
Apple is skating to where the puck will be, not where the puck is now.
Perhaps they told Samsung where to go? But yeah, what did happen there?
Anyway, what did people expect? And Apple were not the first anyway so Samsung is just playing catch up. Meh I still won't be able to use any wireless system where I am in the UK, Apple pay or otherwise..
1. LoopPay was around before ApplePay.
2. Apple copied NFC payments from Google Wallet and Softcard
If you want to know why LoopPay, in its current form, is obsolete out of the gate, just read this article from the Wall Street Journal.
October 2015 is effectively doomsday for magnetic swipe credit cards. Unless there's a fundamental change in what LoopPay does, it'll be practically useless in a year or so.
October 2015 is effectively doomsday for magnetic swipe credit cards. Unless there's a fundamental change in what LoopPay does, it'll be practically useless in a year or so.
You keeptalking like LoopPay or any other service won't evolve over time. You think everyone but stays static in the field of tech?
Your reference article is incorrect.
There is no requirement in the US for merchants to switch completely to chip cards.
So there will be swipe-only smaller merchants around for a long time, and major merchants will continue to accept swipe cards as well.
This is partly because it'll be years before the banks send out new chip cards to everyone, and even then, most will include a magstripe as well.
They didnt copy EMV Tokenization NFC payments (which happens to be really the most secure mobile payment system on the market right now) tagged along with Touch ID and iBeacon as extra layers of security all into one lovely extremely simple and extremely secure and intuivative system like Apple Pay is
The article doesn't state that there's a requirement for merchants to switch completely to chip cards and I don't believe I ever stated that.
The "liability shift" will certainly help to sound the death knell for swipe cards - if the bank won't issue an EMV card, they're 100% liable for a fraudulent transaction beginning in October. If the merchant won't accept an EMV card (when the bank issues one), they're 100% liable for a fraudulent transaction beginning in October.
If I was a merchant, I'm going to switch to taking EMV cards as soon as possible. If I'm a bank, I'm issuing EMV cards when practical (on that note, all of my non-chipped cards expire within the year, even fairly recently issued ones). Certainly there's no "requirement" to switch, but that's a pretty damn good motivation.
Are you referring to Apple copying Google wallet or Samsung copying Google wallet?
No different than now.
Right, but they'll still accept swipe-only cards (like LoopPay) because they're not liable for those at all.
The banks are dragging their feet because it'll cost them billions to send out chip cards. And again, even those will still include magstripes for legacy vending machines and smaller merchants.
So LoopPay won't be obsolete in the US for years.
I think it means it will wipe out your real cards once you enter them in, that's what makes it secure.
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 it would take years to reach 90%.
That's because LoopPay also works with iPhones (as of today). So I wouldn't be surprised if Apple bans the app from the store in the next day or two.
No different if Google had a Android Wear app in the Apple app store. Just don't see Apple doing it.
Samsung Acquires Apple Pay Rival LoopPay
...except it's not a swipe only card. Loop Pay simply duplicates a card that you currently have in your wallet. If the card's issuing bank offers an EMV card, the merchant liability is there. Just because Loop Pay is swipe only doesn't make the actual card associated with Loop Pay a "swipe only" card.
Billions less than fraudulent transactions related to credit card cloning and other forms of swipe fraud. The cost to replace EVERY swipe only card is around $8B. Fraudulent transactions cost the industry around $10B.
Most merchant account providers are offering free incentives to upgrade to EMV compatible Point of Sale systems, including lots of free equipment.
...except it's not a swipe only card. Loop Pay simply duplicates a card that you currently have in your wallet. If the card's issuing bank offers an EMV card, the merchant liability is there. Just because Loop Pay is swipe only doesn't make the actual card associated with Loop Pay a "swipe only" card.
Billions less than fraudulent transactions related to credit card cloning and other forms of swipe fraud. The cost to replace EVERY swipe only card is around $8B. Fraudulent transactions cost the industry around $10B.
Most merchant account providers are offering free incentives to upgrade to EMV compatible Point of Sale systems, including lots of free equipment.
Last edited: