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  • Apple Pay to Soon Have a Competitor as Samsung Acquires LoopPay


    Korean-based company Samsung recently announced that they would be purchasing LoopPay so that they can go up against Apple and compete with their Apple Pay payment service. Samsung and LoopPay were in the talks since December of last year. The company noted that LoopPay is a ď"seamless, safe, and reliable" digital wallet for consumers and have already been said to be an Apple Pay alternative. According to Business Wire,

    "This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce. 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," said JK Shin, President and Head of IT and Mobile Division at Samsung Electronics.
    The way LoopPay works is that a debit or credit cardís magnetic stripe gets stored from payment information and payment details get transferred over to card readers. Since LoopPay does not require NFC support, it is compatible with 90% of existing card readers. It really sounds like Samsung is ready to go up and against Apple, and they always do.

    It was noted that Samsung may be building LoopPay into devices sometime in the future, but as of right now it works from a standalone product and through an app. Do you think LoopPay will be as big as Apple Pay since the two work the same way? Share with us in the comments below.

    Source: Business Wire
    This article was originally published in forum thread: Apple Pay to Soon Have a Competitor as Samsung Acquires LoopPay started by Akshay Masand View original post
    Comments 29 Comments
    1. scroogelives's Avatar
      scroogelives -
      Think it will come down to who offers the more secure frame work!
    1. sheltons.iphone's Avatar
      sheltons.iphone -
      Available at 10 million locations??? Where?! I've never seen a looppay logo ANYWHERE. Apple pay is everywhere I go.
    1. Carvensno's Avatar
      Carvensno -
      I agree! I have never heard of LoopPay or seen that logo.
    1. psxcancer's Avatar
      psxcancer -
      I find it funny how Samsung took the biggest hit on sales in 2014 (and 2015 looks to be the same or better for Apple). Samsung losing so much ground in China and they want to take on Apple in another unrelated area. You would think they would be trying to recover from 2014.

      I remember the Sega and Nintendo wars. Sega was coming out with all kind of electronics way more than Nintendo, but in the long run Sega just wore them selves down and ultimately got out of the manufacturing business (who knows if they ran them selves out of money with all the products that people were not buying), ultimately they now focus on one thing. Making Game software.

      Samsung, you don't have to compete with Apple for everything they do.
    1. Carvensno's Avatar
      Carvensno -
      Quote Originally Posted by psxcancer View Post
      I find it funny how Samsung took the biggest hit on sales in 2014 (and 2015 looks to be the same or better for Apple). Samsung losing so much ground in China and they want to take on Apple in another unrelated area. You would think they would be trying to recover from 2014.

      I remember the Sega and Nintendo wars. Sega was coming out with all kind of electronics way more than Nintendo, but in the long run Sega just wore them selves down and ultimately got out of the manufacturing business (who knows if they ran them selves out of money with all the products that people were not buying), ultimately they now focus on one thing. Making Game software.

      Samsung, you don't have to compete with Apple for everything they do.
      Well it was covenant to buy them out and throw out there. Lol
    1. fleurya's Avatar
      fleurya -
      ""This acquisition accelerates our vision to drive and lead innovation"

      Ok, first off, how can you "lead innovation" buy simply whipping out a checkbook and buying the company that already did the innovation?? That's just BS talk.

      Secondly, if they're system still requires some kind of creit card-like thing with a magnetic strip that still transmits your CC number, how is that any better or more secure than you existing cards?? I really don't understand this product or how it will be more secure or work with a phone. Not to mention if it uses magnetic strip it is already behind the times as most countries are moving on to at least chip and pin!
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      I have no idea how this is supposed to work... So... You just use your credit card but it says looppay on it?
    1. Ambi_Valence's Avatar
      Ambi_Valence -
      Quote Originally Posted by fleurya View Post
      ""This acquisition accelerates our vision to drive and lead innovation"

      Ok, first off, how can you "lead innovation" buy simply whipping out a checkbook and buying the company that already did the innovation?? That's just BS talk.

      Secondly, if they're system still requires some kind of creit card-like thing with a magnetic strip that still transmits your CC number, how is that any better or more secure than you existing cards?? I really don't understand this product or how it will be more secure or work with a phone. Not to mention if it uses magnetic strip it is already behind the times as most countries are moving on to at least chip and pin!
      Apple bought Authentec, but when they did it they were innovating?
    1. politicalslug's Avatar
      politicalslug -
      Quote Originally Posted by Ambi_Valence View Post
      Apple bought Authentec, but when they did it they were innovating?
      The purchase wasn't innovative, Apple's successful implementation thereof was very innovative. No biometric security has been mainstreamed.
    1. AKCHRIS's Avatar
      AKCHRIS -
      The Fact that you don't use NFC makes it not worth it. The Fact that you need to use a Card when APPLE Pay doesn't require a card, just NFC. So I don't see THIS in anyway competing at all. I like Apple Pay, the only issue I have is that there's NOT enough places Here where I live to use it. My Bank doesn't support it YET...But will Soon I hope. I think Samsung should stay with their NFC tech like Apple does..and come up with a way like Apple Pay an Don't get me started with Google Wallet because THAT is a Joke.
    1. kyphur's Avatar
      kyphur -
      Quote Originally Posted by politicalslug View Post
      The purchase wasn't innovative, Apple's successful implementation thereof was very innovative. No biometric security has been mainstreamed.
      Then maybe everyone should stop bashing Samsung for this purchase until they see if Samsung does something innovative with it...

      Just a thought...
    1. Ambi_Valence's Avatar
      Ambi_Valence -
      Quote Originally Posted by kyphur View Post
      Then maybe everyone should stop bashing Samsung for this purchase until they see if Samsung does something innovative with it...

      Just a thought...
      Stop bashing Samsung. You’re joking right? That’s what they do best here.
    1. King_O_Hill's Avatar
      King_O_Hill -
      I don't see how this is "driving and leading" innovation. This looks more like scrambling to catch up.

      Yes, bashing Samsung on an Apple forum is what we do best here! Oh, I know I know, they don't bash Apple on the Samsung forums from what I'm told. Yeah, right!
    1. steve-z17's Avatar
      steve-z17 -
      According to the LoopPay site:


      Four simple steps:

      -Download the free LoopPay app from the App Store or Google Play and order a LoopPay device from LoopPay - Products.
      -Set up your LoopPay account.
      -Connect your LoopPay device, if you have one, to your phone and load all your payment cards including credit, debit, gift, rewards, and loyalty cards.
      -When shopping, simply rest your LoopPay device against the credit card swipe slot where you usually swipe your credit card and press the button. Or, open the LoopPay app, enter your PIN and select the card you wish to pay with and tap the image of the card on the screen. You have made a payment. See the how to Get Started with step by step guides and videos.

      What is the technology behind LoopPay?

      MST technology generates changing magnetic fields over a very short period of time. This is accomplished by putting alternating current through an inductive loop, which can then be received by the magnetic read head of the credit card reader. The signal received from the device emulates the same magnetic field change as a mag stripe card when swiped across the same read head. LoopPay works within a 3-inch distance from the read head. The field dissipates rapidly beyond that point, and only exists during a transmission initiated by the user.
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      Very interesting. It basically emulates the stripe. I wonder what the security on it is like though.

      Edit: on a quick look through their site it appears that they have no section concerning security. They don't even address it.
    1. buggsy2's Avatar
      buggsy2 -
      Loopy idea
    1. Ambi_Valence's Avatar
      Ambi_Valence -
      Quote Originally Posted by King_O_Hill View Post
      I don't see how this is "driving and leading" innovation. This looks more like scrambling to catch up.

      Yes, bashing Samsung on an Apple forum is what we do best here! Oh, I know I know, they don't bash Apple on the Samsung forums from what I'm told. Yeah, right!
      When did I say that didn’t happen? What does bashing get you?
      You bash them and now you feel great. Good Job!
    1. steve-z17's Avatar
      steve-z17 -
      Some info on their security:


      What security prevents someone from using my Fob, and therefore, my default credit card if I lose it?


      There is a user-defined time limit for the LoopPay ChargeCase and for the Fob when detached from the phone. Within the application you are able to set Button Pay mode to Always, Ten Minutes, Eight Hours, or Never. If your LoopPay Fob is set for 10 minutes the button on the LoopPay Fob will be active for only 10 minutes. After 10 minutes the Fob cannot be used until re-attached to the phone and the LoopPay App. Some users set the Button Pay mode as Never, which means it can never be used when detached from the phone. Others set it to Always which is equivalent to having a credit card in your wallet. For the LoopPay ChargeCase, we recommend to set Button Pay mode to Always.

      Can someone take my payment cards and store them in their LoopPay device and use them?

      LoopPay denies the storage of standard payment cards that do not match the LoopPay account holder’s name. Every LoopPay device is linked to a single LoopPay account holder, after the user swipes a card to store it, the encrypted data goes to Loop’s server to be decrypted. We then do a name match of the name on the track data, against the name of the account holder, if the name does not match, we deny the storage attempt and flag the event for security review. This is one of the security precautions we have in place to protect cardholder information.
    1. King_O_Hill's Avatar
      King_O_Hill -
      Quote Originally Posted by Ambi_Valence View Post
      When did I say that didnít happen? What does bashing get you?
      You bash them and now you feel great. Good Job!
      Yes, exactly!!!

      Why do you have to be a Debbie downer.
    1. znbl's Avatar
      znbl -
      Quote Originally Posted by fleurya View Post
      ""This acquisition accelerates our vision to drive and lead innovation"

      Ok, first off, how can you "lead innovation" buy simply whipping out a checkbook and buying the company that already did the innovation?? That's just BS talk.
      You mean exactly what Apple's been doing for years?


      Quote Originally Posted by psxcancer View Post
      I find it funny how Samsung took the biggest hit on sales in 2014 (and 2015 looks to be the same or better for Apple). Samsung losing so much ground in China and they want to take on Apple in another unrelated area. You would think they would be trying to recover from 2014.

      I remember the Sega and Nintendo wars. Sega was coming out with all kind of electronics way more than Nintendo, but in the long run Sega just wore them selves down and ultimately got out of the manufacturing business (who knows if they ran them selves out of money with all the products that people were not buying), ultimately they now focus on one thing. Making Game software.
      That's hardly a fair comparison. Sega's Master System couldn't compete with the NES, despite having superior hardware, mainly because Nintendo was tying the hands of so many of the good developers, not allowing them to release their games on other platforms for 5 years or so. The Genesis (aka, the Mega Drive) was huge hit, especially State side.

      I will agree that they fcked up with the 32x and Saturn (lots of miscommunication between Sega of America and of Japan, among other things) and the Sega/Mega CD also left something to be desired though was still pretty cool for it's time (gotta love the opening music on the model 1 Sega CD.) The Dreamcast was a really good platform but like the Saturn before it, was hurt by bad timing and subpar marketing, and got over shadowed by the PlayStation 2 and GameCube and the introduction of the Xbox.