Samsung Eyeing LoopPay as Partner for Mobile Payment System to Rival Apple Pay

[MacRumors]

Samsung may be developing a mobile payment system to rival Apple Pay, reports Re/code. The Korean handset manufacturer reportedly is negotiating with payments startup LoopPay about the system, which it plans to debut it in 2015.

The combined Samsung and LoopPay system would allow customers to wave their Samsung phones at payment terminals instead of swiping credit cards or paying with cash or check. Samsung could leverage NFC in its phones and use that standard to wirelessly process payments.

A partnership with LoopPay could expand the service to a variety of new and old payment terminals. The LoopPay technology mimics a card swipe by recording payment information from a card's magnetic strip and transmitting those details to a retail card reader. Since LoopPay does not require NFC or any other wireless standard, the LoopPay system can be used at most payment terminals capable of swiping credit cards.

Similar to Apple Pay, the Samsung system also may adopt tokenization to secure the transaction and may include fingerprint recognition technology, which Samsung has included on its latest Galaxy S5 smartphone.

Apple Pay rolled out in October of this year and interest in the service has remained strong. A recent expansion added banks such as TD Bank and retailers such as Staples. With this latest boost in adoption, Apple Pay now supports cards representing about 90 percent of U.S. credit card purchases by volume.

Article Link: Samsung Eyeing LoopPay as Partner for Mobile Payment System to Rival Apple Pay

 

[penajmz]

I'm surprised it has taken them so long to TRY to implement an ApplePay rival.

 

[heeloliver]

wait, so Samsung wants to use LoopPay instead of Google Wallet?

 

[springsup]

The smart thing about this is that, from the description, it doesn't seem at all easy for retailers to block. It's just not technically as feasible.

 

[Lone Deranger]

Monkey see, monkey do.

 

[A MacBook lover]

gimped fingerprint sensor + gimped payment system = frustration

 

[Dimwhit]

Good. We need more companies jumping on this with NFC payments. Make it standard all over.

 

[dannyyankou]

That looks almost identical to Passbook. No wonder Samsung is interested!

 

[Mad Mac Maniac]

Samsung, I ain't mad at ya!! Please, lets bring all the NFC payment methods we can!! The more NFC payment options the more likely retailers will adopt NFC! Bring it on!

 

[Small White Car]

Unlike social media sites where having more leads to fragmentation, this is more like email services where the more the better.

Bring it on.


(And, of course, I'm talking about systems that use NFC and credit cards plugged in, not that other monstrosity with QR codes and bank accounts plugged in. Big difference.)

 

[mattopotamus]

I'm surprised it has taken them so long to implement an Apple Pay rival.

Well if it requires their version of a fingerprint scanner, it will be pretty poor.

 

[iLondoner]

>"Apple Pay rolled out in October of this year"

Well, in one country, anyway.

.

 

[mattopotamus]

gimped fingerprint sensor + gimped payment system = frustration

this.

 

[mrgraff]

The Korean handset manufacturer ...

There's something oddly euphemistic about that to me. Like calling Apple a "California-based technology firm."

 

[Rogifan]

Samsung, I ain't mad at ya!! Please, lets bring all the NFC payment methods we can!! The more NFC payment options the more likely retailers will adopt NFC! Bring it on!

I thought this didn't require NFC? But what happens to LoopPay once chip and pin comes to the U.S.?

 

[nad8e]

Assuming all the different systems are using ISO/IEC 18000-3, can someone explain what the differences are between Apple Pay, Google Wallet, Samsung whatever? Is it all just UI/UX differences?

 

[UKgaryb]

Seeing as in most reasonable countries you cannot use mag stripe payments anymore what future does this even have outside the U.S.?

 

[CEmajr]

I'm surprised it has taken them so long to TRY to implement an ApplePay rival.

They had to wait for the iPhone 6 to release so that they could reverse engineer it first.

 

[BriSpe]

A partnership with LoopPay could expand the service to a variety of new and old payment terminals. The LoopPay technology mimics a card swipe by recording payment information from a card's magnetic strip and transmitting those details to a retail card reader. Since LoopPay does not require NFC or any other wireless standard, the LoopPay system can be used at most payment terminals capable of swiping credit cards.

I don't get it...I really don't

 

[szw-mapple fan]

Good. We need more companies jumping on this with NFC payments. Make it standard all over.

Unfortunately, Loop does not use NFC, but instead uses a magnetic transmission.

 

[Sonmi451]

Samsung you are truly pathetic.

 

[gnasher729]

Did I read "recording payment information from a card's magnetic strip"?
What could possibly go wrong?

 

[rictus007]

Apple promoting big changes once again.....

 

[Popeye206]

Apple pay is not about electronic payments… it's about security and ease for the end user. This looks like an alternative to NFC and not a competitor to Apple Pay. Lame.

 

[Jakexb]

Their compulsive need to make their own version of everything that Apple does is just weird. Do they not even feel a little bad?