Earlier Samsung had announced that they had purchased LoopPay, a technology for wireless payments to be made in retail stores at checkout registers using only your smartphone. Wireless payments have been around well before LoopPay with the MasterCard PayPass and later Google Wallet as well as SoftCard, but NFC mobile payments using your smartphone have really yet to take off although NFC based payment systems are available in some places. The majority of larger retail companies are likely going to be embedding ApplePay technology into their checkout registers in the future, which of course is incompatible with NFC based payment systems like SoftCard and Google Wallet. Samsung isn’t worried though, because now it has LoopPay, a mobile payment system built on a technology called MST.
Samsung is known for being a huge competitor to Apple and the iOS platform, and they’re no doubt wanting to take LoopPay and use it as a competitor to ApplePay. The reasons for Samsung having interest in LoopPay aren’t that hard to figure out either. With LoopPay already being accepted in some 10 million stores, it’s obviously secure enough of a solution that Samsung is seeing it as a way to provide consumers with a safe yet easy way to pay with mobile devices while also hoping it will draw in customer interest for their devices, especially if they begin to embed the technology into handsets and eliminate the need for the currently available external LoopPay equipment like the Fob, ChargeCard etc.
Aside from being a potential tool Samsung can use to compete against Apple’s own mobile payment system, Samsung also likely wanted LoopPay for its ease of use. In its current form, users don’t have to do much more than purchase a LoopPay device. After that the device talks to the installed app which holds your cards information. Another reason Samsung was likely interested in LoopPay? Security. Samsung is big on security and the app safely stores your card data where it can relay that information to the LoopPay device to pay at checkout POS systems. Going over those details, Samsung’s reasons for wanting LoopPay as part of their company should be a no brainer, it stands a great chance at being a competitor to ApplePay since it’s already widely accepted at many more retail stores than ApplePay. It also might give customers another reason to look in Samsung’s direction when the time comes to decide on a new device.
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