A few weeks ago I told you that Samsung intends to compete with Apple Pay- those from Cupertino by buying a company that developed a similar system called Loop Pay. After almost three months of negotiations, the company Samsung announced during the last evening the intention to buy Loop Pay in the next period, the system will most likely be implemented in Samsung Galaxy S6. Apple Pay allows making mobile payments without having a card at hand, NFC technology being used, LoopPay offering a similar option, but with the help of a magnetic field.
"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.
Daca Apple Pay allows the scanning of cards to automatically retrieve information about them, allowing payments with the help of banks, LoopPay stores the magnetic information of the cards to offer the possibility of making payments. At the moment LoopPay requires mounting a case on smartphones to work, but Samsung can implement the technology directly in its smartphones. The step taken by Samsung has the purpose of offering customers the possibility to pay easily wherever they are, similar to the method offered by Apple terminals.
The bad part of the LoopPay system is that it does not offer the same level of security as Apple's Apple Pay, transactions are not encrypted using special tokens, so it remains to be seen how many critics it will gather or not.
