Samsung Might Launch Their Own Mobile Payment System With the Galaxy S6

[dgstorm]

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New intel suggests that Samsung is planning to launch their own mobile payment platform alongside the Samsung Galaxy S6 in March. It would appear that they can't help but copy every move that Apple makes. Whether Samsung's platform can gain as much traction as Apple's is open to debate. On the other hand, the fact that both companies are pushing the technology is a good thing for consumers interested in the technology.

Regardless of the future outcome, we have a bit more to add to this story in the present. Supposedly Samsung has already chosen the mobile payment platform they plan to back. It isn't one they created themselves, but instead they may have heavily invested in it. It's called LoopPay, and you can check it out in the video above.

As usual, it promises to do a great deal for the consumer, yet that requires that it take off and garner a wide adoption to be successful. The concept of LoopPay is actually pretty cool. Supposedly, after you have swiped your cards into your smartphone's memory, all you need to do is then hold your phone near the car reader at your local retail establishment. LoopPay doesn't require merchants and vendors to switch out their existing systems.

Currently, LoopPay requires the use of a special smartphone case to make this transaction work; however, if Samsung does adopt the technology, it will likely be built into the Galaxy S6 (or whichever device they announce it for).

What do you guys think? Does this have the potential to take off?

Here's our Samsung Galaxy S6 section for further discussion: Samsung Galaxy S6 General Discussions Android Forum at DroidForums.net

 

[Jonny Kansas]

No. Just. No.

Apple Pay comes to town and suddenly mobile payments are a big thing. Get behind Google Wallet Samsung. It's the best plan. Stop.

 

[Rognish]

must be a lot of money involved

 

[FoxKat]

Just what we need...another payment system. Why don't we develop other forms of currency while we're at it? Oh wait, what? There IS another form of currency already (i.e. Bitcoins)?!?! SMH!!

 

[Ollie]

I've used Google's pay system before and the one Apple blatantly copied from them so I have no issues with another viable option.

 

[pc747]

I like the loop pay system and hope it gets adopted into Google wallet.

Samsung U.S. News

^Hopefully the cross licensing agreement will allow Google to use elements of that technology in Wallet just as Google has used elements in Samsung Knox in Lollipop.

 

[Jonny Kansas]

I like the loop pay system and hope it gets adopted into Google wallet.

Samsung U.S. News

^Hopefully the cross licensing agreement will allow Google to use elements of that technology in Wallet just as Google has used elements in Samsung Knox in Lollipop.

Yeah, but if they're gonna do something like that, why not work together in the first place?

 

[WildcatRudy]

The problem I see is that retailers and others who want to get into mobile pay are likely to go with just one network...maybe two. If presented with three...four...five...what will happen? Payment system overload from having too many choices? Do they side with whichever payment system dangles the best carrot in front of them? Or do they misguidedly think that apple's is the only good one and shun everyone else? I worry that each mobile payment system might want to charge retailers (or their payment processors) for the privilege, which would do nothing but reduce the choices to us as buyers.

Short version: too many payment options will just confuse the marketplace. I'd rather see everyone get behind one or two popular mobile payment solutions.

My favorite retailer locally just added NFC payments at their self-checkouts, so it's been a real learning experience using Google Wallet. But so far, it has worked well.

 

[Ollie]

Apple Pay costs banks to have the service. Google Wallet doesn't. Yet the banks are all on board with it so far.

 

[Jonny Kansas]

I remember when they used that crazy "carbon copy" machine to charge my mom's credit card at the grocery store.

Some of our older members may know way more about the history of credit cards than I do, but this discussion is starting to remind me of the Visa/Mastercard vs American Express situation. Still, two systems.

I agree that the tech won't take off to the consumer's advantage if the playing field gets crowded up with too many options, especially if businesses that accept these types of payments have to pick and choose.

 

[WildcatRudy]

@Jonny Kansas I haven't seen one of those old credit card machines in ages! I remember towards the end, the stores would tear up the carbon copies so nobody could go through the trash and retrieve the numbers. Where I worked about 15 years ago, we had two credit card terminals--one was strictly for Ford's American Express expense account (which tied into a different network), and the other we used for processing Visa/MC and Discover, but not American Express since their fees were higher and few customers had one. In the event the system was down, we kept some old charge slips and the impression machine below the counter as a backup.

I'd read of yet another mobile payment company wanting in on the action, so that is at least four. Thing is, I think I would tend to trust whatever is built into my OS, vs. a third party app downloaded.

 

[pc747]

Yeah, but if they're gonna do something like that, why not work together in the first place?

Agree but I would not be surprised if the agreement is more of a bargain tool. Samsung uses it with elements of wallet so make a S Pay app and Google do not make as much racket about Samsung side stepping Google apps because Samsung is going to allow them rights to the loop pay tech at the base level. Google wallet with loop pay tech allows wallet to work almost anywhere now. So all the noise Google made about manufacturers doing their own things with Android now gets a little quieter towards Samsung.

 

[Ollie]

Aren't the carriers supposed to be coming out with their versions as well?

 

[Jonny Kansas]

Aren't the carriers supposed to be coming out with their versions as well?

Verizon had softcard, which was ISIS before that. Didn't Google but them recently though?

There was that article about another carrier sponsored payment system as well. People were trolling it in the play store, downloading it just to give it a one star rating.

In fact, I think I got in on that...

Sent from my Note 4 via Tapatalk

 

[Ollie]

Yeah those were the folks that shut out other payment methods when Apple Pay launched. CVS I think it was...