Life
is not at all easy for Apple as other companies are challenging it in every
aspect with Samsung being the latest of them by buying LoopPay, a
mobile-payment startup. The Mobile World Conference is nearby and there are
rumors that Samsung is going to introduce this in their next top model to be
announced in MWC.
This
mobile payment technology was launched one year ago and works with most of the
payment terminals because it produces the signals from a card's magnetic swipe
when a someone taps a LoopPay device which is near to a retailer's card reader.
This has its own positive and negative sides; for example it doesn't require
newer terminals with NFC but on the other hand it doesn't work with machines
where you have to insert the card fully like ATMs. Also the fact that from
October, card with strong security i.e. EMV will only be accepted so what
happens then will be interesting to see.
| Other People Are Reading | |
| Airtel Launches New 3G Super Budget Smartphone | LG G4 To Be Launched In April | Not At The MWC |
For now Samsung has enough faith in the enterprise to buy it with the enterprise claiming that their system works with 90% merchants. Although Apple Pay is enabled for EMV but there are only a small fraction of terminals which can accepts NFC which gives LoopPay an edge. There is no information regarding the financial terms agreed by both the parties yet. So far, LoopPay was available for non-Samsung phones as well but whether that would be case afterwards is still unclear but what is clear is that the deal is going to help Samsung's goal to accelerate their mobile commerce efforts, and to enhance the mobile wallet experience.