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Samsung to Acquire LoopPay In Bid to Battle Apple

Feb 18, 2015, 4:09 PM by Eric M. Zeman

Samsung today said it has agreed to purchase LoopPay, a mobile payments startup, for an undisclosed sum. With the acquisition, Samsung can bring a mobile payment service to market to compete with Apple Pay, Softcard, and Google Wallet. LoopPay's technology would allow Samsung handset owners to use their devices as mobile wallets and make purchases with associated credit or debit cards. One thing that sets LoopPay's service apart is that it doesn't require NFC. LoopPay works with existing magnetic stripe readers already installed in the bulk of retailers. It won't require merchants to upgrade their in-store hardware. Samsung and LoopPay believe this gives them an edge over competitors. Samsung may announce its mobile payment service as soon as March 1, when it is holding a press conference during the Mobile World Congress trade show. It will be a hallmark feature of the Galaxy S6, according to the Wall Street Journal.

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Comments

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aeternavi

Feb 18, 2015, 4:33 PM

Here we go again...

Because their proprietary ChatOn, Social Hub, Samsung Apps, Milk, and the like did so great. -_-

rwalford79

The technology is not quite proprietary - much like Google Wallet, Softcard and Apple Pay is not. Those are NFC technologies, and while the software that runs them is proprietary the actual technology of NFC is not, and as long as one is accepted, the...
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