Samsung (LoopPay) to Compete with Google Wallet and Apple Pay
Samsung doesn’t like to stay behind in competition. The history of this company shows that they have closely followed Apple for long and still they prefer to keep an eye on the fruit company. Many sources close to the industry are saying that Samsung is planning to bring their own service very similar to Apple Pay. It is also expected that the service of this payment system would be such that you may not feel the need of Google Wallet also.
Smartphone industry may change a lot in 2015. Experts are looking forward to some new services that may change the way we use the gadget these days. Some leaked reports are claiming that Samsung is talking to a payment startup LoopPay. If this deal goes through then Samsung would be able to utilize the retailer’s current credit card machines to offer their services.
The utilization of current credit card machines will give Samsung an automatic edge over Apple. This service by Samsung will appear more user-friendly and customers need not have to check every time the compatibility of the machine. The current technology of LoopPay allows the user to share the payment information through store’s checkout equipment securely using the magnetic stripe present on the card.
Currently neither LoopPay nor Samsung are saying anything about it. However if they finalize the deal then it can be useful for many smartphone users. Some rumors are suggesting that a prototype of the system of LoopPay has already been installed and Samsung is testing the payment system through this setup. It is not clear how successful it is so far but most probably Samsung is looking to finalize the deal. Therefore in 2015 we may see a new service by Samsung which is going to be effective for many users.