Rumor has it that Samsung is partnering with Massachusetts based LoopPay, a mobile payment startup to create a unique payment offering.
Unlike Apple Pay, LoopPay works just about anywhere and does not require retailers to convert their existing POS equipment to an NFC Certified System.
How it works:
LoopPay’s patented Magnetic Secure Transmission™ (MST) technology turns in-store payment terminals where you normally swipe a credit card into contactless readers. A huge cost savings as these reader already exist within the retail check out environment. All you need is a smartphone/device that is LoopPay enabled.
LoopPay states their offering works with credit and debit cards from all banks as well as gift, loyalty and private labeled cards like Starbucks, Walmart Target and more.
Considering the amount of activated Samsung Smart Devices, this can be a huge profit center for Sammy.
LoopPay offers both an Android and IOS App and states they are the number one payment system with more than 10 million retailers aboard.
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