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Samsung Buys Loop Pay, Creating Apple Pay Alternative
I saw this earlier. Samsung has a habit of copying whatever Apple does or produces. I wonder if this LoopPay will require retailers to have a different system? This will be fun to watch.
What it effectively is is sort of like NFC that works with current POS terminals, in terms of the action required. Loop creates a mag signal that delivers to the mag strip reader. Like when you use NFC on a POS terminal and tap it on the terminal, with this, you are holding the phone near the reader and it thinks it's a mag strip card that you are swiping through.
From what I have seen, the "action" of NFC is less awkward. I like NFC from the standpoint of I hold my phone above the terminal, hear the sound and I'm good to go. I'm seeing images of Loop Pay where I have to kind of hold it on the side (?)
The real pro of that is that you have a system that works with current POS terminals. The whole thing is that it is effectively "tricking" the existing POS terminal into thinking that you are swiping a mag stripe card. It is also not phone-specific (it is compatible with Android and ios)
The problem of that is that, with all of the issues currently going on, there is a push to EMV cards/terminals over the next year or three. I don't get a real sense that Loop is compatible with that, but they act like it will or can be.
The other issue is that I apparently have to buy the add-on. I like mobile payments from the standpoint of I get a phone and NFC is in the phone and it works. I don't want to have to buy a $60 case to get mobile payments. I also don't want a different case - as I've noted before, the cases that I use are VERY good.
I'm guessing this tech will be in future Samsung phones, but in the meantime, if I want to try it I'm buying the add-on. No thanks.
The whole thing kind of makes me more comfortable with the positions in MA and V (which splits in March.) More people using digital payment while the electronics industry fights over which standard to use. Or maybe they both co-exist, who knows anymore, it's been handled so terribly in this country.
The funny thing is that Google is now in discussion to buy Softcard, the mobile payments company with ATT/Verizon/T-mo behind it. So, Google is buying the mobile payments company that sabotaged Google Wallet because those providers blocked Google Wallet for the longest time.
The one thing I didn't see about LoopPay is what the security feature would be. Pay uses Touch ID.
Samsung will have this in their upcoming Galaxy 6 phone due out pretty soon. They have had enough time to copy all the details of the iPhone 6. If not, then it's that case or the dongle. Meanwhile, Apple will come out with the watch that has Pay ready to go.
The one thing I didn't see about LoopPay is what the security feature would be. Pay uses Touch ID.
Samsung will have this in their upcoming Galaxy 6 phone due out pretty soon. They have had enough time to copy all the details of the iPhone 6. If not, then it's that case or the dongle. Meanwhile, Apple will come out with the watch that has Pay ready to go.
Comments
This is 1990's technology. I'm not impressed.
http://9to5google.com/2015/02/18/looppay-samsung-apple/
From what I have seen, the "action" of NFC is less awkward. I like NFC from the standpoint of I hold my phone above the terminal, hear the sound and I'm good to go. I'm seeing images of Loop Pay where I have to kind of hold it on the side (?)
The real pro of that is that you have a system that works with current POS terminals. The whole thing is that it is effectively "tricking" the existing POS terminal into thinking that you are swiping a mag stripe card. It is also not phone-specific (it is compatible with Android and ios)
The problem of that is that, with all of the issues currently going on, there is a push to EMV cards/terminals over the next year or three. I don't get a real sense that Loop is compatible with that, but they act like it will or can be.
The other issue is that I apparently have to buy the add-on. I like mobile payments from the standpoint of I get a phone and NFC is in the phone and it works. I don't want to have to buy a $60 case to get mobile payments. I also don't want a different case - as I've noted before, the cases that I use are VERY good.
I'm guessing this tech will be in future Samsung phones, but in the meantime, if I want to try it I'm buying the add-on. No thanks.
The whole thing kind of makes me more comfortable with the positions in MA and V (which splits in March.) More people using digital payment while the electronics industry fights over which standard to use. Or maybe they both co-exist, who knows anymore, it's been handled so terribly in this country.
The funny thing is that Google is now in discussion to buy Softcard, the mobile payments company with ATT/Verizon/T-mo behind it. So, Google is buying the mobile payments company that sabotaged Google Wallet because those providers blocked Google Wallet for the longest time.
Samsung will have this in their upcoming Galaxy 6 phone due out pretty soon. They have had enough time to copy all the details of the iPhone 6. If not, then it's that case or the dongle. Meanwhile, Apple will come out with the watch that has Pay ready to go.
https://www.looppay.com/loop_faqtype/security/
Doesn't seem terribly extensive.