PayPal Founder and Samsung Executive Settled A Meeting To Discuss Samsung Pay
The vice chairman of Samsung, Lee jay-yong and PayPal founder, Peter Thiel settled a meeting yesterday which had the sole purpose to discuss Samsung's upcoming mobile payment system - Samsung Pay. As reported by the Korean media, the meeting took place at Hotel In, which is owned by Samsung in Downtown Seoul. The meeting was an hour long and dedicated to Samsung Pay, reporters say, “Samsung's Lee may have asked for business advice from Thiel, who is an expert in fintech. Expectations are high that Samsung will soon launch a new competitor to Apple Pay.”
As we have covered the Samsung's buyout of the well famed LoopPay, this might convince you Samsung's long launch of the new mobile payment system, which is recently seeded in the Seoul meeting. Samsung's solution has a beauty to work with a magnetic strip debit or credit card which are accepted all over the world on more than 10 million outlets. This system would make its debut with Samsung's new flagship of the year, the Galaxy S6.
Unlike Apple Pay, which requires terminals of POS to be equipped with sole dedicated systems, Samsung might be well ahead and dispersed all over the world. This can be the reason that the uptake is slow in case of Apple - New terminals are hard to disperse if you begin from scratch. Samsung is completely on a different route for the provision of the look alike mobile payment system, LoopPay.
LoopPay could be the most widely used mobile payment system from the time of its arrival and Apple Pay would take some time to sink in. Along with this, Apple Pay could experience a really tough time trying to penetrate the market where Samsung already rules. However, these are a mere before hand assumption as conditions of market vary in accordance with technology and branding. But to tell you the truth, even Google with its 'Google Wallet' was trapped in frenzy for a while when speculations for Samsung Pay were made. In a panic and an unrest state, Google forced itself to acquire Softcard as well, so it can keep up with the changing trends of modern mobile payment systems. I'm sure you enjoyed a bitter under the table rivalry of the greatest tech giants. If you want more news and rumors, leaks and reviews do stay tuned. How do you guys feel about Samsung Pay? Should Apple be worried of all the speculations about Samsung Pay? Let us know in the comments below.