Overview#LoopPay, a mobile commerce platform and a Mobile Payment system boasted to be accepted by 10 million merchants, or 90 percent of retail locations, nationwide. LoopPay can work with about any Credit Card Terminal Reader. LoopPay's technology uses a metal coil to emit a magnetic field that can communicate to most POS Terminals.
More Information#Samsung planned to do in the Mobile-Digital Wallet market, the South-Korean based electronics manufacturer revealed Samsung Pay Sunday at the Mobile World Congress in Barcelona.
Samsung will use a two-pronged approach to mobile payments thanks to its recent acquisition of LoopPay, which developed a proprietary contactless payments technology that is supposed to work with 90 percent of the POS Terminals deployed in the U.S.
Samsung embedded LoopPay's technology into the new Galaxy S6 and Galaxy S6 Edge smartphones. The new devices will still rely on NFC chips to enable users to conduct tap-and-pay transactions at contactless-enabled point-of-sale terminals. But if contactless is unavailable, LoopPay’s Magnetic Secure Transmission technology can "communicate" with magnetic-stripe reader currently present on all terminals. Samsung Pay will sense which option is available and adjust accordingly.
Samsung Pay's dual approach means more merchants will be able to accept the mobile wallet without an equipment upgrade. A large portion of Tier 1 merchants have already updated their terminals ahead of the EMV liability shift in October, but the option to switch on the contactless function lies with the retailer. Samsung Pay, however, would work regardless of the situation
2015-02-18#Samsung purchased LoopPay 2015-02-18 making its foray into the Mobile Payments market, lining it up for yet one more head-to-head battle against Apple.
LoopPay is the world’s first mobile wallet solution that allows consumers to pay with their mobile devices at most places and leave their wallets at home. The LoopPay solution consists of two parts:
- the LoopPay App
- LoopPay device.
Currently, we offer four devices:
- LoopPay Fob
More Information#There might be more information for this subject on one of the following:
- Magnetic Secure Transmission
- Magnetic Stripe Data
- Mobile-Digital Wallets
- Samsung Pay
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