I thought this didn't require NFC? But what happens to LoopPay once chip and pin comes to the U.S.?
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.
No different than almost all car manufacturers copying Audi and the LED brow light.
Just about all cars have copied Audi where the LED brow/beam is no longer unique.
Funny that no one cried foul when people stole Audi's idea...
Plus, the merchant pay card-present fees for Apple Pay. That's one of the big things that Apple negotiated for.
I didn't expect ApplePay to be such a big deal for me, but I use it all the time now and its ridiculous how quick at easy it is.... plus there is the added bonus of the merchant never seeing my private info or card etc.
Nice going, Samsung. I like LoopPay, and it seems like this technology is much more useful than Apple Pay, especially if it's built-in to a smartphone. Now THAT might make electronic payments mainstream.
No different than almost all car manufacturers copying Audi and the LED brow light.
Just about all cars have copied Audi where the LED brow/beam is no longer unique.
Funny that no one cried foul when people stole Audi's idea...
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.
Not similar at all, unless Samsung plans to add a "secure enclave" chip to its devices that keep credit card information secure from hacking.
I thought this didn't require NFC? But what happens to LoopPay once chip and pin comes to the U.S.?
I don't get it...I really don't![]()
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.
Unfortunately, Loop does not use NFC, but instead uses a magnetic transmission.
I understand the benefit of the merchant not storing the actual card number, but I never understand why people think it's a big deal that the merchant doesn't know who we are.
If such anonymity were important, then why haven't we all been using cash instead of credit cards for the past forty some odd years?
Moreover, I constantly use loyalty programs at several merchants, who pay me back with monetary kickbacks and discounts. I also get custom advertisements and coupons for products that I'm usually interested in. A person would have to be foolish not to take advantage of programs like that.
It's also unavoidable at times, anyway. When you purchase drugs at a pharmacy, they have to know your name![]()
Loop Pay is not NFC - it mimics the magnetic strip found on most credit cards. Considering that beginning in 2016 merchants will be responsible for losses involving fraud with purchases made with magnetic strips versus Chip and PIN or Chip and Signature...
...this technology is obsolete before it's even out the gate.