Samsung buys LoopPay, all but confirming new Apple Pay rival

first_imgApple Pay is off to a fast start, but LoopPay may have an edge when it comes to working with existing point-of-sale systems.by: Shara TibkenSamsung has acquired mobile payments startup LoopPay, as good a sign as any that it will soon launch a competitor to Apple Pay.The company didn’t disclose the terms of the deal Wednesday but said it stemmed from an existing partnership with LoopPay. Samsung plans to show off a new mobile payments offering at its Galaxy S6 smartphone launch on March 1, according to sources.“Our goal has always been to build the smartest, most secure, user-friendly mobile wallet experience, and we are delighted to welcome LoopPay to take us closer to this goal,” JK Shin, Samsung co-CEO and head of the company’s mobile business, said in a press release.LoopPay’s technology turns existing card magnetic strip readers into contactless payment receivers, making it easy for retailers to accept mobile payments without changing their existing point-of-sale terminals. By comparison, Apple Pay requires POS terminals to be equipped with NFC (near field communications) chip technology, which allows information to be shared when two devices are held close together. Retailers have to upgrade their systems to take advantage of Apple Pay, Google Wallet and other NFC-based systems. In the case of Apple Pay, users simply tap an iPhone to a payment terminal and then touch the phone’s fingerprint sensor to authorize a purchase. iPhone users also can pay for items in apps and online with a finger touch. continue reading » 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more