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

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Original poster
Apr 12, 2001
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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
 

springsup

macrumors 65816
Feb 14, 2013
1,135
941
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.
 

Dimwhit

macrumors 68000
Apr 10, 2007
1,994
192
Good. We need more companies jumping on this with NFC payments. Make it standard all over.
 

Small White Car

macrumors G4
Aug 29, 2006
10,924
1,234
Washington DC
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.)
 

Rogifan

macrumors Core
Nov 14, 2011
22,006
27,501
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

macrumors regular
Jul 17, 2008
151
2
Colorado
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?
 

BriSpe

macrumors regular
Aug 25, 2010
123
105
CH
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 :confused:
 

gnasher729

macrumors P6
Nov 25, 2005
17,249
4,365
Did I read "recording payment information from a card's magnetic strip"?
What could possibly go wrong?
 

Popeye206

macrumors 68040
Sep 6, 2007
3,148
836
NE PA USA
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

macrumors 6502a
Mar 18, 2014
779
1,078
Their compulsive need to make their own version of everything that Apple does is just weird. Do they not even feel a little bad?
 
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