LoopPay

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.[1] 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.

NFC enabled wallets require terminals to have NFC enabled readers to operate.

More Information#

2015-03-01 [1]#

Almost two weeks after the industry first saw its official glimpse into what 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.

While Samsung Pay will not launch until the summer, it will come to the market with a distinct merchant acceptance advantage over Apple Pay and Google Wallet.

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 App manages and securely stores all payment cards including credit, debit, loyalty, and gift cards on the device.

Currently, we offer four devices:

More Information#

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