Samsung attacks the mobile payment, buying LoopPay

In the US, Apple Pay system is a very good momentum. Most major banks have signed with Apple, payment terminals compatible are democratizing, and more generally, mobile payment and contactless (via the NFC chip present in the iPhone 6) is no longer seen as a crazy idea and futuristic, but rather as something practical that should soon be required. In this climate, the Samsung competitor could not stay longer arms crossed, especially as a hardware point of view, his motives have what it takes to become, too, mobile payment ways.

 What was missing in the South Korean giant, so it was especially the software part to manage electronic wallet. Never mind, Samsung has just announced its acquisition of LoopPay, a specialist in mobile payments. The brains (founders and leaders) to integrate all Samsung LoopPay So, from the perspective of “developing the next wave of innovations in the field of electronic wallet”.

 Already LoopPay partner in the past, Samsung has sought to strengthen those links by acquiring this startup based in Boston, known as a promising and whose technologies are already in place, and compatible with most payment terminals deployed in traders. LoopPay claims in this respect 10 million merchants in “his” network. However, be aware that for the moment, the model chosen by LoopPay not based on integrated technologies directly by smartphones.

 Indeed, his system called MST – for Magnetic Secure Technology, we see you coming … – is able to replace the passage of the tape from the user’s credit card in payment terminal by the special tape connected to the customer’s account LoopPay. MST accessory with a magnetic strip is provided to each client, whether in the form of a smartphone shell or a key chain. A “map” which of course is also able to negotiate a contactless payment. The entire transaction is then managed and secured by LoopPay.

 Thus, more particularly that part of the technology LoopPay interested Samsung. A system that also convinces more and more Americans, knowing that the bank card fraud are a scourge in the US, pushing more and more US banks (finally) take cards equipped with a chip like ours, and requiring to type a PIN to validate the payment.

 That’s at least that should allow Samsung to make some major announcements on the front of mobile payment at its future presentation of Galaxy S6, which could directly integrate technology LooPay…

Samsung attacks the mobile payment, buying LoopPay