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

Discussion in 'MacRumors.com News Discussion' started by MacRumors, Dec 16, 2014.

  1. MacRumors macrumors bot

    MacRumors

    Joined:
    Apr 12, 2001
    #1
    [​IMG]


    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.

    [​IMG]
    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
     
  2. penajmz, Dec 16, 2014
    Last edited: Dec 16, 2014

    penajmz macrumors 68040

    penajmz

    Joined:
    Sep 11, 2008
    Location:
    New York City
    #2
    I'm surprised it has taken them so long to TRY to implement an ApplePay rival.
     
  3. heeloliver, Dec 16, 2014
    Last edited: Dec 16, 2014

    heeloliver macrumors 6502a

    heeloliver

    Joined:
    Sep 6, 2014
    Location:
    Santa Cruz, CA, USA
    #3
    wait, so Samsung wants to use LoopPay instead of Google Wallet?
     
  4. springsup macrumors 65816

    springsup

    Joined:
    Feb 14, 2013
    #4
    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.
     
  5. Lone Deranger macrumors 68000

    Lone Deranger

    Joined:
    Apr 23, 2006
    Location:
    Tokyo, Japan
  6. Amacfa macrumors 68000

    Amacfa

    Joined:
    May 22, 2009
    Location:
    D.C.
    #6
    gimped fingerprint sensor + gimped payment system = frustration
     
  7. Dimwhit macrumors 68000

    Dimwhit

    Joined:
    Apr 10, 2007
    #7
    Good. We need more companies jumping on this with NFC payments. Make it standard all over.
     
  8. dannyyankou macrumors G3

    dannyyankou

    Joined:
    Mar 2, 2012
    Location:
    Scarsdale, NY
    #8
    That looks almost identical to Passbook. No wonder Samsung is interested!
     
  9. Mad Mac Maniac macrumors 601

    Mad Mac Maniac

    Joined:
    Oct 4, 2007
    Location:
    A little bit of here and a little bit of there.
    #9
    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!
     
  10. Small White Car macrumors G4

    Small White Car

    Joined:
    Aug 29, 2006
    Location:
    Washington DC
    #10
    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.)
     
  11. mattopotamus macrumors G5

    mattopotamus

    Joined:
    Jun 12, 2012
    #11
    Well if it requires their version of a fingerprint scanner, it will be pretty poor.
     
  12. iLondoner macrumors 6502

    iLondoner

    #12
    >"Apple Pay rolled out in October of this year"

    Well, in one country, anyway.

    .
     
  13. mattopotamus macrumors G5

    mattopotamus

    Joined:
    Jun 12, 2012
    #13
    this.
     
  14. mrgraff macrumors 6502a

    mrgraff

    Joined:
    Apr 18, 2010
    Location:
    Albuquerque
    #14
    There's something oddly euphemistic about that to me. Like calling Apple a "California-based technology firm."
     
  15. Rogifan macrumors Core

    Rogifan

    Joined:
    Nov 14, 2011
    #15
    I thought this didn't require NFC? But what happens to LoopPay once chip and pin comes to the U.S.?
     
  16. nad8e macrumors regular

    Joined:
    Jul 17, 2008
    Location:
    Colorado
    #16
    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?
     
  17. UKgaryb macrumors regular

    Joined:
    Dec 13, 2013
    Location:
    Manchester, UK
    #17
    Seeing as in most reasonable countries you cannot use mag stripe payments anymore what future does this even have outside the U.S.?
     
  18. CEmajr macrumors 601

    Joined:
    Dec 18, 2012
    Location:
    Charlotte, NC
    #18
    They had to wait for the iPhone 6 to release so that they could reverse engineer it first.
     
  19. BriSpe macrumors regular

    Joined:
    Aug 25, 2010
    Location:
    CH
    #19
    I don't get it...I really don't :confused:
     
  20. szw-mapple fan macrumors 65816

    szw-mapple fan

    Joined:
    Jul 28, 2012
    #20
    Unfortunately, Loop does not use NFC, but instead uses a magnetic transmission.
     
  21. Sonmi451 Suspended

    Joined:
    Aug 28, 2014
    Location:
    Tesla
  22. gnasher729 macrumors P6

    gnasher729

    Joined:
    Nov 25, 2005
    #22
    Did I read "recording payment information from a card's magnetic strip"?
    What could possibly go wrong?
     
  23. rictus007 macrumors regular

    Joined:
    Oct 12, 2011
  24. Popeye206 macrumors 68040

    Popeye206

    Joined:
    Sep 6, 2007
    Location:
    NE PA USA
    #24
    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.
     
  25. Jakexb macrumors 6502a

    Joined:
    Mar 18, 2014
    #25
    Their compulsive need to make their own version of everything that Apple does is just weird. Do they not even feel a little bad?
     

Share This Page

111 December 16, 2014