Samsung Confirmed to Acquire LoopPay & Offer Mobile Payment Options in Future Devices

[dgstorm]

A few weeks ago we shared a story hinting at rumors that Samsung may purchase a company called LoopPay in order to start their own mobile payment setup. Not only did we cover it in a regular news article, but it ended up being featured on our ninth weekly Android in the News - Week in Review video as well. Today we can now confirm the previous story as Samsung and LoopPay have made it official.

LoopPay shared a press release online detailing that Samsung will be acquire LoopPay with the intention of making the service available in some of their future devices. LoopPay was careful in their press release not to reveal which Samsung devices would have the service. It is unlikely to show up in the Samsung Galaxy S6 unless some type of arrangement to use the LoopPay technology has been made previously.

Still, sometime down the road we will be able to try out Samsung's mobile payment service which can supposedly use any retail POS whether the company has upgraded their equipment or not. LoopPay's unique concept of using existing retail infrastructure by mimicking your credit card with a regular credit card machine could give Samsung a big leg up against competitor digital wallet services like Apple Pay and Google Wallet.

Both of those services require special hardware and/or agreements with retailers, while LoopPay requires nothing on the part of the retailer. Tell us what you think of Sammy's savvy business strategy.

Source: LoopPay

 

[Malkavian]

I posted this on slash gear. I like the concept, I don't like having a bulky case on my phone. If Samsung could figure out how to integrate this into a phone that would be cool for those places that don't have NFC readers.

 

[Jonny Kansas]

I'll have to admit, I didn't really get what was different about LoopPay when the previous thread about this deal hit my screen, so I was firmly against another mobile payment option. I should've looked into it further.

Now that I know it's supposed to work with existing card machines, I'm all for it. I could simply be missing something, but I think Walgreens may be the only place in my area that even has a Google Wallet reader and I've yet to use my phone to pay there. (In my defense, I only recently got tap and pay setup.)

 

[Malkavian]

That's what I thought as well. I have used my Google wallet at Walgreens and it was smooth. I tried it at home depot but there terminal didnt work. You can us it at McDonald's.

 

[Jonny Kansas]

Can't remember the last time I went inside McD's. I always use the drive thru.

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[Malkavian]

Try it there

 

[Jonny Kansas]

Maybe I'll go for lunch tomorrow. Knowing my luck, my McD's won't have the scanners. Haha! I know Walgreens does though & it's a couple blocks from work/on my way to & from, so I have no excuse not to try it out.

The gas station by my house has a rewards card that you tap to the machine. Wonder if I could set that up in wallet. Need to sign up for it either way. Lol

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[Malkavian]

Im hoping that some day i can pull up to s gas pump and use my phone. Costco and Sams would be the two that could pilot that. They dont take cash.

 

[xeene]

Some European countries let you pay using your phone number and it just gets billed to your phone bill. We are so behind the times here.

 

[Jonny Kansas]

That's slick. Just paid for my lunch without touching my wallet. I'm sold on Google Wallet if nothing else.

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[Malkavian]

Xeene. My phone bill is high enough. That would be something else for verizon to charge a processing fee for. ☺

 

[mountainbikermark]

Xeene. My phone bill is high enough. That would be something else for verizon to charge a processing fee for. ☺

And the government to add a tax onto under the guise of it being a communication bill. Then a processing fee by Verizon (or other carrier) for charging the tax.......

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