Samsung buys Apple Pay competitor LoopPay

“Samsung has made its move to counter Apple Pay by acquiring Boston-based mobile payment tech firm LoopPay,” Mike Snider reports for USA Today.

“The electronics giant acquired the mobile start-up for an undisclosed sum. LoopPay launched a fob-based payments solution that works with the existing magnetic stripe readers last year,” Snider reports. “However, LoopPay had been expected to have its next generation of digital wallet tech on board with the next Samsung Galaxy smartphone.”

Snider reports, “‘This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce,’ said JK Shin, the president and head of IT and mobile for Samsung Electronics. ‘Our goal has always been to build the smartest, most secure, user-friendly mobile wallet experience, and we are delighted to welcome LoopPay to take us closer to this goal.'”

Read more in the full article here.

MacDailyNews Take: Oh, you’re leading in something, JK… self-delusion.

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  1. The best way to make Apple Pay look really good is to have a dorky alternative, redesigned for Android, that has a difficult learning curve, is not ready yet, and does not work most of the time. If you doubt me, watch the video embedded in the full article.

    1. Wow…just wow. That is the lamest POS POS device (both meanings of that acronym) that I recall seeing in the past decade or two. It makes Google Glass and Sony SmartGlasses look great in comparison.

      AS Jus’ Sayin’ stated, you have to watch the video to understand just how bad this is…

      Pulling out a large plastic fob and holding it in just the right place?
      “Looks cool when it works…” ??

      “Cashiers were patient, working with me to fiddle around with it until it worked” ??

      The fob only stores one default card on it, so you only have to call one credit card company when you lose it?

      You cannot make stuff of this comedic quality up unless you are on the Onion staff. I sure hope that Samsung payed a *lot* for LoopPay.

  2. Because Samsung is the first name in security and brand trust…

    Their “goal” has always been to rip off Apple mercilessly. The I word, as in innovation, is just not something Shin can bandy about since it’s never been legitimately applied to Samsung except with great knowing laughter.

    1. Actually, it’s a smart move for Samsung. Their SmartPhones could pass your credit card information onto their SmartTV’s for distribution to SmartCriminals to use. It’s their new market!
      Now they just need a SmartGetaway car

  3. This technology basically mimics the manual process of swiping your credit card, only it connects wirelessly. I wonder how that could be more secure than Apple Pay? Of course it can’t. It’s just trading some security for convenience.

  4. …said co-founder Will Graylin on the company’s website Wednesday. “Our vision of inspiring consumers to transition from a physical wallet to a truly digital wallet will continue.”

    In other words, they were on the ropes.

    In other words, Samsung bought them on fire sale.

    In other words, this doesn’t demonstrate much of a “commitment” on the part of Samsung at all.

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