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

I will continue to laugh at the people who say Apple doesn't run the industry....

And shame on Samsung for not simply pushing Google Wallet as the Android version. There's no need to "compete" here. Just offer a similar service so Android users can take advantage of contactless payments.

Oh wait, it already exists - GOOGLE WALLET. Stupid Android OEMs don't know what's good for them....
 
Except Apples system is user friendly and secure. From the sounds of it Samsungs system will be neither
 
Jakexb said:
Their compulsive need to make their own version of everything that Apple does is just weird. Do they not even feel a little bad?
Click to expand...

No, in the Asian culture copying the master as close to the original as possible is a compliment.

And they have been complimenting Apple a lot.
 
Jakexb said:
Their compulsive need to make their own version of everything that Apple does is just weird. Do they not even feel a little bad?
Click to expand...

Not at all. It's worked out well for them so far. They've copied Apple enough to become the default Android alternative to the iPhone and have made billions doing it. So they probably see no need to stop now.
 
BriSpe said:
I don't get it...I really don't :confused:
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This doesn't use NFC. Instead it uses a magnetic pulse strong enough to communicate with magnetic credit card readers. If it works well, it will be accepted anywhere magnetic cards are.
 
springsup said:
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.
Click to expand...

ApplePay also defaults to just a regular NFC-based payment if the retailer isn't an official Apple Pay partner. I use it at Jamba Juice almost daily.

CVS and the other CurrentC/MCX companies didn't just stop accepting Apple Pay, they blocked ALL NFC payments, period. They just turned the connections off.
 
Maybe they use a Square like dongle to read the magnetic information from the card, store it for future use, and then use NFC to communicate the stored data, and tokenise it. I don't see how the phone could be reading or transmitting the magnetic data any other way.
 
LoopPay? Lupe?!?

come-on-gob-arrested-development.gif
 
Lone Deranger said:
Monkey see, monkey do.
Click to expand...

The thing is that you either implement that feature in your equipment or you are doomed because no one else will use your brand. It is more a "we have to" specially for the share holders. Is like not having a music playback software for your own cellphone.

Once Apple is up to something you better catch up as a competitor.
 
Nice one, Samsung

Check out the photo: a stick-on piece of plastic for the front of your phone, where you can store your credit cards!
 
Ironic Photo

Anyone else find it extremely hilarious that the photo used for the piece is of LoopPay on an iPhone 5?
 
If I understand this correctly, it uses a changing magnetic field to emulate the swiping of a card in the slot. I guess there's a small coil in the phone that couples to the read head on the POS terminal.

But swiping will be dead come next October - it'll be chip-cards (or NFC).

I don't get it.

Because all the POS terminals need upgrade or replacement by October, and most seem to be including NFC when they do this, why not go with the proven NFC solution?
 
I don't understand LoopPay at all... the banks will eventually stop making cards with mag stripe and disable swapping on the readers in a few years. So what happen then? In Canada, right now, most reader wouldn't let you swap when you using a Canadian bank issued card.

As for tokenization... I just don't see how it is going to work on mag stripe reader.
 
Looking at the web site, it shows a small device ("fob") that plugs into the headphone jack. This contains the coil that interacts with the read-head in the swipe reader. So this is a plug-in extra, not part of the phone.
 
Looks like it started as a Kickstarter project: https://www.kickstarter.com/projects/loop/pay-with-loop

As of the time of the article, they had a headphone jack reader or a phone case option, but you'd need one or the other to be able to use it to pay at magnetic strip card reader terminals. I would hope they push into using NFC as well. Not sure why one would use this instead of Google Wallet if you had an Android phone. I can understand why Samsung would go this way if they get some sort of cut (which they will not with GW).
 
With how far this has to go before it seems very ambitious to get it working reliably and ready for regular end users within 2015.
 
Seems like this is bound to be obsolete before it even gets off the ground. Loop just emulates a magnetic card swipe to the magnetic card reader. There won't be any tokenization of account numbers....it will just clone your card's magnetic stripe.

With cards moving to embedded chips, readers may begin to decline magnetic swipes if your card has a chip. This happened to me at a Walmart when I tried to swipe my EMV Chip card....instead the reader prompted me to insert the chip. I assume if I had tried to LoopPay with a clone of the card, it would have asked me to insert the actual chip card.

I'm sure Samsung sees this as having an advantage over ApplePay or GoogleWallet in that it doesn't require NFC enabled terminals....but I'm guessing magnetic stripe acceptance is going to start dropping in the US (as it has in Europe) with the adoption of EMV Chip cards.

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vpndev said:
Looking at the web site, it shows a small device ("fob") that plugs into the headphone jack. This contains the coil that interacts with the read-head in the swipe reader. So this is a plug-in extra, not part of the phone.
Click to expand...

It's extra on most phones, but it sounds like Samsung is planning to integrate the fob electronics into their phones.
 
coltman75 said:
This doesn't use NFC. Instead it uses a magnetic pulse strong enough to communicate with magnetic credit card readers. If it works well, it will be accepted anywhere magnetic cards are.
Click to expand...

So, the card reader will think the card was swiped? How reliable is this?

If it works, then the merchant should only pay card-present fees, which is a big win.
 
I've been using this for over a year. This really is the best solution right now as retailers do not have to upgrade anything. It's easy to use but I was disappointed with the new hardware. I use the keychain fob and was hoping for a smaller form factor for that. Contacted customer service with an issue and they responded right away.
 
BruiserB said:
With cards moving to embedded chips, readers may begin to decline magnetic swipes if your card has a chip. This happened to me at a Walmart when I tried to swipe my EMV Chip card....instead the reader prompted me to insert the chip. I assume if I had tried to LoopPay with a clone of the card, it would have asked me to insert the actual chip card.
Click to expand...

Not "may"... "will". Starting October, 2015, merchants have to assume responsibility for fraud if they accept a mag-stripe swipe of a card that also has a chip.

Walmart is the only merchant I have seen that has implemented it this early. I guess they are trying to work out the bugs now before chip cards are ubiquitous. I've run into at least one chip reader that was broken, and since it wouldn't accept a mag-stripe swipe we had to move to another register.
 
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