Samsung recently acquired LoopPay, a startup that allows user to make payments with their phones
SSNLF
AAPL
By: MARTIN BLANC
Published: Feb 22, 2015 at 8:39 am EST
Google Inc (NASDAQ:GOOG) has had its own payment system, Google Wallet in the market for a few years now, and is soon launching a new payment system called Plaso. Apple Inc. (NASDAQ:AAPL) introduced its payment systems, Apple Pay, to the world last year. SAMSUNG ELECT LTD (F) (OTCMKTS:SSNLF) has long been on the lookout to find something that could help it catch up with its rivals; recently, it acquired LoopPay, a mobile payments startup.
LoopPay is a venture that kicked off with a basic iPhone accessory that would help users pre-load their credit/debit cards onto the system by sweeping the card with a puck-sized device that goes into a headphone jack. After that, the user is given a phone case that is installed with a magnetic induction loop, which communicates with the terminal and registers the swiped card with it.
SSNLF
AAPL
By: MARTIN BLANC
Published: Feb 22, 2015 at 8:39 am EST
Google Inc (NASDAQ:GOOG) has had its own payment system, Google Wallet in the market for a few years now, and is soon launching a new payment system called Plaso. Apple Inc. (NASDAQ:AAPL) introduced its payment systems, Apple Pay, to the world last year. SAMSUNG ELECT LTD (F) (OTCMKTS:SSNLF) has long been on the lookout to find something that could help it catch up with its rivals; recently, it acquired LoopPay, a mobile payments startup.
LoopPay is a venture that kicked off with a basic iPhone accessory that would help users pre-load their credit/debit cards onto the system by sweeping the card with a puck-sized device that goes into a headphone jack. After that, the user is given a phone case that is installed with a magnetic induction loop, which communicates with the terminal and registers the swiped card with it.
This case with the little puck then duplicates the effect of a card sweeping through a terminal and sends out a code to match what the credit card reader would have received to process the transaction. LoopPay states that these devices use Magnetic Secure Transmission (MST), which is safe and secure. Last winter, LoopPay also launched the Fob mobile payment solution that also can be used instead of the case to process transactions.
According to CNET, the service works at almost every place that has a card reader installed, although it takes a bit more time compared to ApplePay. While ApplePay uses Touch ID to authenticate user identity and instantly processes transactions, LoopPay requires that a user press a button on the back of the case or it can be activated when the case is paired via Bluetooth.
Source:
http://www.bidnessetc.com/35318-how-looppay-helps-samsung-ssnlf-catch-up-with-apples-aapl-apple-pay/
