Samsung has purchased mobile payments firm LoopPay to create its own digital wallet. Samsung already was an investor in the startup, along with Visa and Synchrony Financial.
LoopPay’s contactless magnetic secure transmission technology works with magnetic stripe readers. “The one major advantage LoopPay/Samsung has over NFC and Google/Apple Pay is that currently it does not require a separate terminal to accept payments,” noted Andrew Stern, digital media editor for Copper Mobile.
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LoopPay Deal Rolls Samsung Into Mobile Pay Arena
Posted by: Richard Adhikari February 19, 2015 02:12 PMSamsung has purchased mobile payments firm LoopPay to create its own digital wallet. Samsung already was an investor in the startup, along with Visa and Synchrony Financial.
LoopPay’s contactless magnetic secure transmission technology works with magnetic stripe readers. “The one major advantage LoopPay/Samsung has over NFC and Google/Apple Pay is that currently it does not require a separate terminal to accept payments,” noted Andrew Stern, digital media editor for Copper Mobile.