Samsung Umbrella’s LoopPay Worthy Competitor Against Apple's Version?

By Ajay Kadkol - 20 Feb '15 12:27PM

Samsung umbrella's LoopPay!-Is it a tough deal for Apple?

From markets to digital markets. From credit cards to contactless transactions. LoopPay technology uses a Magnetic Secure Transmission technology to turn point of sale terminals where you'd normally swipe a credit card into contactless readers.

Samsung, the South Korean giant has opened its doors for a tough competition with the other big players of the market, such as Apple. In order to paint a profound picture at the Mobile World Congress, the South Korean giant has acquired LoopPay.

The addition of a new member to the finiancial wing of the Samsung family has paved way for many unanswerable questions. Will Graylin, the founder of LoopPay has stated on the LoopPay site, "I'm excited to let you know that LoopPay has signed an agreement to be acquired and become a wholly owned subsidiary of Samsung Electronics America, Inc.

With our earliest supporters at our side, we have been at the forefront of contactless payments to create a platform that brings together issuers, merchants and consumers that facilitate a seamless and rewarding digital wallet experience. We will continue to innovate and operate as an independent team from Boston, Massachusetts".

Apple says there are 220,000 point-of-sale terminals which are compatible with its technology - and it has been a huge success in some chains such as Starbucks. LoopPay, however, will work with the 12 million installed magnetic stripe readers.

The LoopPay software is anticipated to act like a 'double edged sword'. On the one hand, it strengthens the roots of the South Korean firm in the market, while, on the other hand, tries to compete and eliminate other giants from the market. However, when we consider players like Apple, elimination just becomes hypothetical.

Above all, LoopPay is expected to fill the loops that exist within the system, and provide a brilliant and safe environment for its users. As Will Graylin has put it, "We look forward to working with Samsung to offer the worlds most secure and compelling mobile platform".