Samsung acquired LoopPay, to compete with Apple Pay

Samsung-LoopaySamsung has acquired LoopPay, a US-based mobile payments company to compete with Apple Pay from Apple Inc.

Samsung had also invested in LoopPay, along with Visa Inc and Synchrony Financial, before its acquisition.

How LoopPay is different from Apple Pay?

LoopPay’s technology is different from Apple Pay as it works off existing magnetic-stripe card readers at checkout, changing them into contactless receivers. About 90% of checkout counters already support magnetic swiping.

On the other hand, Apple Pay allows iPhone users to pay at the tap of a button. Moreover, more than 2000 banks now support it and the US government will accept Apple Pay by the end of year 2015.

About LoopPay:

Loop invented the world’s first mobile wallet app that allows consumers to securely store all their cards and pay with their Loop-enabled devices (accessories, smartphones, smart watches) virtually everywhere. The LoopWallet app reduces the clutter of plastic cards (payment, gift, loyalty, ID, membership cards) allowing consumers to leave their plastic behind with confidence.

Based in Boston, MA (USA), Loop’s patented Magnetic Secure Transmission (MST) technology turns existing mag stripe readers into mobile contactless readers without any change or cost by the merchants or their payment processors. Loop provides not only breakthrough convenience for consumers to organize and pay with mobile devices, but also with the highest level of payment security to protect consumer card data. Loop is a Level One PCI Certified Payment Provider.

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