Tuesday, February 24, 2015

Samsung LoopPay VS Apple Pay Market Opposition

Who will command a market in Samsung LoopPay vs Apple Pay opposition? Samsung company began talks with LoopPay in December to integrate the latter's magnetic payment technology into next-generation Galaxy devices. That partnership has apparently turned into an acquisition.

David Eun from EVP of Samsung’s Global Innovation Center said that they excited to put their relationship with LoopPay to the higher level and bring consumers a mobile wallet solution that will provide safe and reliable service. Also what is also important will be widely accepted at more locations than any competing service.

LoopPay offers a mobile wallet that lets wireless payments to change existing magnetic stripe readers. Its digital payment card can be placed in the phone case or used on its own. Samsung phone lineup that should debut next month will assumedly integrate the technology. It means that users will be able to store multiple cards without needing an additional case.

As part of the deal, although, veteran payment industry experts and LoopPay founders George Wallner and Will Graylin will join Samsung and work closely with the company’s mobile division.

Apple Pay is really more secure. It does not replicate traditional card swipes. Cupertino giant Apple moved the industry away from the outdated magnetic stripe system. Apple Pay vs Samsung LoopPay instead of using your actual card number, creates individual tokens to authenticate each transaction. To use Apple Pay the terminal should to be equipped with NFC.

The company said that LoopPay is already compatible with 90 percent of retailers across the US. Samsung is looking to build out its own mobile wallet to take on Apple Pay.


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