looppay samsung

Samsung announced on Wednesday that it’s buying Apple Pay competitor LoopPay as it looks to bolster a mobile payments product. LoopPay, similar to Apple’s offering, offers a mobile wallet that allows wireless payments to take place on existing magnetic stripe readers.

As part of the acquisition, LoopPay founders and veteran payment industry entrepreneurs Will Graylin and George Wallner will work closely with Samsung’s Mobile Division. An acquisition price wasn’t shared.

Compatibility for LoopPay is already available at 90 percent of retailers across the US, the company says. Assumedly, Samsung is looking to build out its own mobile wallet to take on Apple Pay.

“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,” said JK Shin, President and Head of IT and Mobile Division at Samsung Electronics.

Source: Press Release

  • Diego

    And here we go again.

  • iPhoneWINS

    lol boring

  • iamzaidan

    I read only the first 3 words of the title and started shitting bricks

  • Nex

    Wait so it takes advantage of the card swipe instead of NFC?

  • Jonathan

    Wow, very shocked.
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    …. said no one ever

  • igorsky

    “This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce.”

    For a second there I thought it was April Fools Day.

  • AnArcticMonkey

    Apparently Apple owns NFC payments…you guys are so narrow-minded it’s hilarious (Google did it first anyway). I hope everyone doesn’t judge Apple users like this…

    • igorsky

      If Google did it first then why didn’t Samsung roll out their own competitor three years ago to go along with their drive to lead innovation in mobile commerce? Please stop typing.

      • AnArcticMonkey

        “Please stop typing” solid discussion mate, really in depth. Maybe because NFC was not that widespread, and Apple has now pushed the market given their strength so Samsung sees it as a profitable venture.

        I’ve seen your comments before, Apple can literally do no wrong in your eyes. I am an Apple user (iPhone, iPad, MacBook) but I am not delusional. You’re hilarious, please keep typing, I love seeing zombies in action.

      • “why didn’t Samsung roll out their own competitor three years ago to go along with their drive to lead innovation in mobile commerce”

        Because there wasn’t any serious competition and Google Wallet has been working with theirs devices forever, so, they didn’t see the point of getting a separate NFC payment system…

    • Gregg

      Google did it first, Apple did it right.

      • Benedict

        The problem is if Google or Samsung do something – nobody cares. If Apple says so – people do. Also I think people still trust Apple more than Google when it come to their personal data. The funny thing is that e.g. it takes days and alot of effort to delete an Apple ID but only seconds to delete a Google Account…

      • but only seconds to delete a Google Account…

        “but only seconds to mark a Google Account as deleted…”

        FTFY.

        Deleting your account likely doesn’t delete any of the data they have on you…

      • Benedict

        Don’t claim something you just might think be “likely”. When you go to the page for deleting the account, it is explicitly mentioned that all services (Contacts, Fotos, Music, Documents, Email, Blogs, Calendar, Adwords) and all DATA will be deleted. You have a short period of time to undo this step – after that you won’t be able to restore your acoount and data. Or you think you will find my fotos or documents in your next google search?!
        Before you complain about this deleting procedure, take care about Apples approach to deliberately prevent the user from deleting their account and data.

      • Have you heard of a thing called “Data Retention”?

        Many countries have different data retention laws and I can guarantee that Google does not delete all of your data. For starters data would very likely still be present in backups made by Google until the destruction of said backups happens if / when they are no longer needed.

        en.wikipedia[.]org/wiki/Data_retention

      • Benedict

        So, whats the difference with Apple in this case if you come up with server backups???! Fact is that it is already easier to delete data with a Google account than it is with a Apple ID. That’s already suspicious!

      • There is no difference (and I never said there was). Although Apple keeps less data on you. The fact is there’s nothing suspicious about forcing you to go through an actual human being to delete your account as opposed to a button on a webpage that could accidentally be clicked or clicked on purpose by someone trying to sabotage your account.

      • Benedict

        That’s a different view of yours – I rather like to click on a button and get a confirmation that all data of the shown services are deleted. And like I mentioned before, you have a short period of time to undo this step if it was done by accident.
        Apples procedure definetly annoys the user that much, that they won’t go throw the whole process and instead keep their ID and Apple the access to their data.

      • AnArcticMonkey

        Of course, I am just saying it’s hilarious how everyone thinks Apple never takes ideas from anyone else, and if a competitor introduces something Apple has done in the past it’s immediately considered stolen.

        I mean just scroll down and look at khan’s comment, “without copy samshit cant live”, that’s what people think of Apple users now, that we are a bunch of plebs who think Apple is perfect.

      • KP

        The problem is, Apple didn’t do it right. Apple Pay requires all retailers to replace their existing credit card swipers with Apple Pay compatible devices. Looppay doesn’t require an Apple Pay specific terminal to work. I think Looppay is definitely the better tech. in this instance.

      • Umut Bilgiç

        Lol what, i can use it with a vending machine that has been there for years and it had an nfc pos much before apple pay anyways

      • Gregg

        I hope Apple Pay comes to Canada this March, as rumored. As far as I can tell, we’re all compatible with Apple Pay up here, as nearly all terminals are contactless, chip and pin. Not Apple’s fault swipe terminals are still junking up retail. That too will change.

      • LuisFRocha

        Apple Pay doesn’t require Apple Pay specific terminals. Any contact less terminal can work with Apple Pay as long as both the bank and the terminal’s bank activate Apple Pay on their ends. It’s only the merchants who have swipe-only terminals that would need to upgrade the terminals, but that goes for any contact-less technology (Google Wallet, contact-less credit cards, etc), not just Apple Pay.

  • DeRoth

    It’s quite embarrassing when all you make is only “COPYING ” . They have loads of cash and shity strategy as they tooked as law the famous words of Pablo Picasso @@@ ‘Good artists copy; great artists steal’@@@ …..sad for Samsung is they aren’t the “Artist” in this saying @@@@

    • Gregg

      “Tooked”? You kidding, right???

      • DeRoth

        Right : took/assimilate . Danke

  • Khan Rulzz

    without copy samshit cant live #rest in peace !

    • Mike

      iphone has copied more from samsung phones then samsung has copied from iphone 🙂

      • Mike

        than*

  • Proaxel

    *Sees headline*
    First thing that came to mind:

  • singhay559

    I honestly think apple and samsung are one company. Because of monopoly they probably cant combine

  • Good, about time they gave up on the spyware Google Wallet service and made their own version of Apple Pay…

    • KP

      Spyware? Care to elaborate or link to an article on this?

      • Google itself is a spyware made officially legal. Tracking user’s every movement, from how often they pull their phone out of their pocket (as they mentioned during their 2014 developer conference when unveiling android wear) to their browsing activity (via Chrome). With Google Wallet, they now add your financial transactions to that massive user profile.

        Call me paranoid, but I’m not comfortable with 1 company having all that data on me.

      • Gregg

        Your data is not THAT interesting, no need for paranoia. But, it’s worth $ for advertising purposes 🙂

      • My conversations, browsing habits and usage habits are none-of-their business. If it ain’t that interesting, then it should be extremely easy for them to get their nose out of it. This TED talk (http://bit. ly/197LI9t) is for people like you who just bend-over and forget about privacy.

      • Gregg

        Thanks for the link, I’ll check it out. Actually, my privacy IS important to me – otherwise I’d be using an Android device and Google services

      • Haha, on the surface, it is very ironic of me to be using Android and be talking privacy. But I’m not using stock Android (never will), I’m using CyanogenMod that came with my first Android phone, the OnePlus One.

        With CyanagenMod’s Privacy Guard (similar to iOS’s app permissions feature), and by Android being extremely flexible and customizable, I can easily control access to sensitive data, and I can easily control the services I use with an app like Disable Service, readily available on the PlayStore (http://bit. ly/1FHLvaC). With those two, I’ve disabled multiple Google spyware services in just a couple of hours (spread around as I was new to Android) and I’m now able to enjoy the flexibility and customizability of Android without the spyware for the rest of my SmartPhone’s life

  • diggitydang

    Samsung solution apparently requires external hardware… To me, this doesn’t really do much to enhance the current buying format, through credit card. I don’t know too much about Loop Pay but it seems like another clunky Samsung add on that ultimately gets them in the game but is flawed.

    • KP

      Actually, Looppay isn’t clunky. First off, I’m a huge Apple user and fan, so I’m not here to bash Apple. But, if you do some research, Looppay is definitely better technology than Apple Pay, from a users standpoint. Apple Pay requires Apple Pay credit card terminals. Looppay does not. Looppay also allows you to use any card, whereas Apple Pay only works with participating banks. Including Looppay inside of a device, as Samsung is probably going to do at some point, just makes sense, and will be a serious contender for Apple Pay. I’m an iPhone 6 user, and have yet to be able to use Apple Pay because NOBODY around me has an Apple Pay terminal!

      • diggitydang

        I’m in Canada and we don’t have much in the way of Apple Pay right now. Adoption is Apple’s biggest hurdle. Sounds like Loop Pay has a large market. For us Canadians, we only have 5 major banks, so to me, the participating banks issue is much bigger in the US. I also don’t mind using one credit card. That all said, I think that adding something physical (a case that you put a card into, or a key fob or whatever) is where I see Loop Pay falling short… If they can get an app where I don’t have to carry anything in addition to my phone (and don’t have to unlock it even), it’s actually secure AND with that market share, then I think Apple has something to worry about.

      • KP

        The technology can’t work from just an app. It manipulates magnetic fields around the device to make it seem as though a card was swiped through the card reader. It requires an additional device to be external to your existing one, or be built into it, as Samsung will obviously be doing in the not-so-distant future I presume. That’s when it’ll become a serious contender for Apple.

  • ravinigga

    For me good competition but again they do it wrong.

    Case are easy to steal also phones but I know with Apple you can delete everything with lost iPhone.

    • KP

      They’re going to build this tech into a phone. Currently it’s external, but not for long!

  • 12345678

    apple pay needs stores to support the NFC payment system while loop pay only needs the magnetic stripes from the stores to work…good move for Samsung

    • KP

      Agreed.

  • Dante Arellano

    What about if just samesum goes to the hell with all androide users please