“Samsung has discussed a deal with a payments startup that would help the smartphone maker unveil a wireless mobile payments system in 2015 to rival Apple, according to multiple sources,” Jason Del Rey reports for Re/code.
“It is not yet clear if Samsung has reached a deal with the startup, Burlington, Mass.-based LoopPay,” Del Rey reports. “One source said the deal could still fall apart.”
MacDailyNews Take: Just like Samsung’s phones (and phone business).
“The talks between Samsung and LoopPay come as the idea of paying for goods in stores using a phone was rekindled in the U.S. thanks to the launch of Apple Pay,” Del Rey reports. “LoopPay CEO Will Graylin said his company has been in discussions with financial services companies such as Visa, which is an investor in LoopPay, about finding a more secure way to pass payment data from one of its devices, or a phone, to a store’s checkout system. LoopPay hopes to use a system known as tokenization, which substitutes a shopper’s card information with a unique placeholder, to accomplish this. The token is later matched up with a specific credit card account by a card network or bank. A merchant never receives or stores the actual payment information. Apple Pay utilizes tokenization when passing information from a new iPhone to a store’s checkout system.”
Read more in the full article here.
MacDailyNews Take: Is Samsung planning to have a working fingerprint reader for this or just continue to ship the piece of shit they’re currently shipping in their plastic 32-bit antiques?
[Thanks to MacDailyNews Reader “TakeToTask” for the heads up.]
Related articles:
Samsung’s plastic, 32-bit Galaxy S5 has serious fingerprint sensor problems – May 6, 2014
Samsung’s Galaxy S5 fingerprint scanner hacked, PayPal accounts at risk – April 15, 2014
Yes, I want my credit info stored in some tech startup that may know nothing about security. Oh wait, I can use samsung and android malware on my tech startup using all my credit info.
Why that sounds just so exciting… /s
and let’s not forget their impregnable Knox enterprise security system
/s
…and layer on their foolproof biometric swiper.
Desperation!
MDN Take! LOL… Oh I can’t wait to see them deploy their POS Fingerprint Reader and watching users get frustrated at the check out counter. haha
Interesting enough, Apple can never shake off Samsung riding on its tail.
I knew Apple Pay knockoffs were on the way from the moment Apple introduced it. It’s too good an idea not to copy.
But I’m really surprised that Samsung is going this route. Why not just find a way to build Google Wallet into the phone’s basic functionality, so it can be used without having to unlock the phone and launch the app?
It appears, like always, that the secret of Apple’s success is their competitor’s incompetence.
——RM
I trust ScamScum to get their Apple Pay wannabe knockoff entirely WRONG, just like the ObKNOXious security system they perpetrated into their TardPhones and TardLets.
http://en.wikipedia.org/wiki/Samsung_Knox
KNOX turned out to be so outright terrible that ScagScab turned to Blackberry for a bailout solution. Pathetic.
[*Ding* New Samsung insult name!]
If I’m reading the article right, LoopPay is a stupid technology that’s going to become obsolete next year. The article says they want to move to NFC and tokenization, but that’s not what they are now. The current technology, which the article implies Samsung wants to put in their phones, mimics card swiping by interacting electromagnetically with the card stripe reader. You tap a device right on the swiping groove and the card reader thinks you’ve swiped a card.
If this is what Samsung is thinking of building into their phones, they’re even bigger idiots than we thought they were. Card swiping is going away. Fast.
By October of next year, most merchants are not going to let you swipe your cards anymore. Instead, there will be a slot you’ll stick your new chipped credit card into to complete the transaction. This chip transaction is much more secure. Credit card companies know this, which is why after October of 2015 they won’t cover a merchant’s fraud losses if they’re still taking swiped cards.
I can’t believe even Samsung is that dumb, so I’m guessing that they’re working to LoopPay to create something new.
——RM
They wanytto mo e to 64bit architecture too, after initially mocking it as a gimmick.
Sam is scum forever – Do you trust Scum?
This IS NOT a copy of Apple Pay. It is a mobile payments solution that IS ENTIRELY DIFFERENT FROM APPLE PAY. It is meant to GET AROUND the requirement to have an NFC-enabled terminal at a cash register by using a keyfob plugs into the phone. Man, what is it with you Apple fanboy liars?
And if anyone is SLAVISH COPIERS IT IS APPLE. Why? Because SAMSUNG was offering mobile payments YEARS BEFORE APPLE WAS via Google Wallet and Softcard. (It just didn’t take off.) And Apple Pay is MUCH MORE SIMILAR TO GOOGLE WALLET THAN THIS SOLUTION IS TO APPLE PAY OR GOOGLE WALLET.
I know that this is going to get down-voted but it is still true.
1. Samsung was offering multiple methods of mobile payments years before Apple did. (I know … they are on my Samsung phone.)
2. This solution IS NOTHING LIKE APPLE PAY.
At some point you guys are going to have to get over the fact that Samsung made a viable competitor to your precious iPhones. Especially since Samsung is not the only OEM making big bucks off Android anymore. Android isn’t going anywhere, but it would be great if your bitter whining did.
When you type in CAPS, you get a bonus check from your SK Masters. Free BBQ Short Ribs too! 😛
“Samsung made a viable competitor”
viable = sucks donkey balls
Name one company other than Samsung making “big buck” off Android.
Atlman, read this carefully…
“LoopPay’s technology can wirelessly transmit the same information stored on a debit or credit card’s magnetic stripe to a store’s checkout equipment without swiping a card. The company has embedded the technology, which it calls magnetic secure transmission, into a few hardware products it sells directly to consumers: A fob, as well as a LoopPay digital payment card that can be used on its own or while secured in a special LoopPay smartphone case. To complete a purchase, LoopPay users tap any of these devices near the spot on a store’s credit card terminal where a card is usually swiped.”
So, Samsung’s solution is to carry your entire CC info within the phone, then broadcast this info to the card reader. Real secure, uh huh. OR… use an FOB rather than your phone (which begs the question, why not just use your CC???). If you think that Apple’s solution is a copy of this thing, think again. iPhones don’t carry your CC info so even if it was stolen and hacked, there is no CC info to be had. And please… suggesting that SS’s fingerprint reader is going anywhere is a delusion.
The reason Google Wallet didn’t take off is it was untrustworthy crap and not ready for prime time. I mean it was out in 2011! If it was any good, then, wha’ happened?
Apple always starts consumer acceptance of such things, not rushed effarts like Google in their desperation attempt to be first. Apple isn’t usually first, just best. Doesn’t matter what type of payment system Samsung is attempting (and will be denied you can bet again) or what modest previous effart existed, it still is a “me-too” move emboldened further by Apple Pay success. Don’t kid yourself.
Oh yeah, people are going to trust a South Korean company over Apple on financial transactions. Sure. Well maybe dim bulbs like you aka “fools rush in” who support immoral companies having few scruples themselves.
Samsung copied Apple (Apple a “slavish copier” is an historically hilarious contradiction and shows just how much geektard doofus Apple Hating cluelessness you possess) and used free OS’s from Google to become a “viable competitor”. Not on their own merit other than manufacturing ability. They are dishonest as the day is long (even disliked by many native South Koreans) and dopes like you who haven’t figured it out yet are a very sad lot indeed. Everyone here pity’s types like you.
Please run along to the Android sites and commiserate with your fellow and equally clueless 32-bit dealer plastic faux-iPhone junk friends. Your anger and sense of disingenuous outrage is a product of your poor ability to read the market, company history and specious rationalization biases.
Effarts? Love it, much more meaningful than the correct spelling.
Word altering guilty as charged. 🙂
Dear atlman, I have nothing against you and won’t discredit you in any way.
My rant will just be ‘so what.’
I am a long time Apple user who got upset as you are
over many things in the past.
Feels so GOOD to see people as you being upset about
something, for a change. And it happens a lot more recently.
And I love it.
Aaaaaw.
All the best.
No atlman, I’ll vote you up based on this interpretation:
“I know that this is going to get down-voted but it is still true.
1. Samsung was offering multiple methods of mobile payments years before Apple did. (I know … they are on my Samsung phone.)”
My take: And they were so successful and popular that Samsung figured they would add one more way! Huh?!?
“2. This solution IS NOTHING LIKE APPLE PAY.”
Thank God! We want the Apple Pay way of Safe, Secure, & Simple!
Here’s your up-vote…
and nobody bothered to use them. Apple came out with the better product, being first means nothing if its not used.I’m sure this new one will be hacked easily
Your comment is 100% true to say this is a copy of Apple Pay is stupid in the extreme. This says a lot of the people that voted you down.
It is very interesting to note that anyone who defends Samsung on this board invariably signs in with an anonymous username.
If you really believe what you’re saying, why not stand up for it instead of hiding?
Apple likes to use near slaves in the production if its product lines. Samsung forever.
거져 Obvious troll is obvious.
And how do Samsung phones get built? Or other Samsung products?
Maybe it’s healthier to be a “near slave” than to get cancer from working in Samsung factories? (Google it).
The main difference is that Apple Pay is a value-added service for Apple’s iPhone customers (like the iTunes Store, App Store, iBooks Store, etc.). Its goal is to help sell more Apple hardware (iPhones in this case) by creating happy and loyal customers, not to be a direct profit center for Apple. The system is designed to be as “user friendly” as possible, NOT to turn the biggest possible profit for the entity running the system.
On the other hand, this is LoopPay’s business. They will be running their system to turn a profit, and therefore (by necessity), it will be onerous and intrusive for the customer. Samsung wants to sell more phones, but that goal is not directly aligned with LoopPay’s goal.
What will they call it? SamPay, SomePay?
Loopypay!