Is Samsung Looking to Challenge Apple Pay?
Since Samsung recently announced that it entered an agreement to acquire LoopPay, does this mean that Samsung is looking to challenge Apple and its Apple Pay mobile payment service?
You see, LoopPay is a mobile wallet solutions provider. The company is known for turning magnetic stripe readers into secure, contactless receivers. And more to the point, LoopPay’s patented Magnetic Secure Transmission (MST) technology turns existing magnetic stripe readers into mobile contactless receivers.
About 90% of existing POS terminals have the potential to work with LoopPay’s MST technology. The merchant doesn’t have to invest money in new infrastructure. He can keep using the existing POS terminals and the payments will “just work”. As a matter of fact, it’s worth noting that LoopPay is accepted at more merchants than any other digital wallet solution.
By joining Samsung, LoopPay will aid the South Korean company with its efforts to provide users with seamless, safe, and reliable mobile wallet solutions. Or should I say that by joining Samsung, LoopPay will help the company come up with a rival for Apple Pay? Never mind what I say, here’s what top Samsung and LoopPay execs had to say.
Will Graylin, CEO of LoopPay,:
“LoopPay is focused on delivering a digital wallet solution that is dependable for consumers around the world, one that provides more value from card issuers and the merchants that serve them. “We are excited to join the Samsung family to continue our goal of making smartphones trusted, secure smart wallets and unlock the limitless possibilities of mobile enabled commerce.”
JK Shin, President and Head of IT and Mobile Division at Samsung Electronics:
“This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce. Our goal has always been to build the smartest, most secure, user-friendly mobile wallet experience, and we are delighted to welcome LoopPay to take us closer to this goal.”
You see, LoopPay is a mobile wallet solutions provider. The company is known for turning magnetic stripe readers into secure, contactless receivers. And more to the point, LoopPay’s patented Magnetic Secure Transmission (MST) technology turns existing magnetic stripe readers into mobile contactless receivers.
About 90% of existing POS terminals have the potential to work with LoopPay’s MST technology. The merchant doesn’t have to invest money in new infrastructure. He can keep using the existing POS terminals and the payments will “just work”. As a matter of fact, it’s worth noting that LoopPay is accepted at more merchants than any other digital wallet solution.
By joining Samsung, LoopPay will aid the South Korean company with its efforts to provide users with seamless, safe, and reliable mobile wallet solutions. Or should I say that by joining Samsung, LoopPay will help the company come up with a rival for Apple Pay? Never mind what I say, here’s what top Samsung and LoopPay execs had to say.
Will Graylin, CEO of LoopPay,:
“LoopPay is focused on delivering a digital wallet solution that is dependable for consumers around the world, one that provides more value from card issuers and the merchants that serve them. “We are excited to join the Samsung family to continue our goal of making smartphones trusted, secure smart wallets and unlock the limitless possibilities of mobile enabled commerce.”
JK Shin, President and Head of IT and Mobile Division at Samsung Electronics:
“This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce. Our goal has always been to build the smartest, most secure, user-friendly mobile wallet experience, and we are delighted to welcome LoopPay to take us closer to this goal.”
