“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.]
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