Going Big Next Year – Samsung’s Mobile Payment Service Could Knock Apple Pay Out Of The Park
One of the major highlights this years was Apple’s launch of Apple Pay, the company’s first attempt at introducing mobile payments for its customers. After a few initial hiccups, Apple Pay has gotten off to a reasonably modest start, and looks like Apple’s main rival in the smartphone business, Samsung is also looking to follow suit. The Korean mobile giant is said to be in talks with LoopPay, a start-up that will enable Samsung to also introduce mobile payments to its devices.
According to Re/Code, which generally has the best scoop when it comes to the tech industry, Samsung and Burlington-Mass startup, LoopPay are in negotiations for a deal which will enable the former to introduce mobile payments on its devices. If the deal is successful, then Samsung users could make payments at stores by simply swiping their devices, through a mobile payment system similar to that launched by Apple this September.
However, things are far from being in their final stages, with one source reporting that the deal could still fall apart. Another source claims that a working model of the payment system has already been tested on one of Samsung’s devices, and the test was successful. Even better, LoopPay’s technology is spread more vastly than Apple’s Apple Pay owing to its framework of working. LoopPay’s technology can wirelessly transmit the information stored on a card’s magnetic strip, meaning it can work with regular plastic card terminals all across.
The company’s CEO also hinted earlier this year about his technology being introduced in a major smartphone manufacturer’s devices. He further added that in addition to the technology specified above, an NFC based mode of payments would also be added to the options provided to a smartphone manufacturer. As far as security is concerned, LoopPay also uses a similar tokenization feature as found in Apple Pay. To learn in depth about the security of mobile payments, click here. We’ll keep you updated.