“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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Google Looppay.. …..not even a close competitor to ApplePay…….
that’s ok……let the “ApplePay is doommmed” Kibuki theater from the ANALists begin…………
“closer to our goal”??
Mr Shin your uncertainty and panic is leaking out.
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.
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.
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.
I hope it’s more secure than their eavesdropping TV. 😀
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
I understand that ShameSham is working on the SmartGetaway car right now. They want to be first to market one and claim its innovations. 😀
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.
Yeah, and since most card swiping should be phased out by the end of this year in favor of chips, LoopPay will quite quickly become useless.
——RM
Headline says “Apple Pay competitor”. Uh huh. Apple Pay wishful imitator in their dreams.
…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.
This was a kickstarter? Sounds like LoopPay lasted long enough for a payday.
Sounds like a bit of a scam.
Go LoopYPay?
Go LoopYPay!
How is LoopPay a competitor to Apple Pay?
That’s like saying Boeing and Ford are competitors.
Headline Aug 12, 2015:
“Samsung Abandons Failed LoopPay Experiment as ApplePay Racks Up More New Partners”
I fell asleep watching the video report it was so long….
Should have stayed awake. You missed the ANAL PROBE VERIFICATION Feature! 🙊
I wonder what Google’s position is in all of this. LoopPay sounds more like a competitor to Google Wallet than Apple Pay. Apple only has one mobile payment system on its platform but now Android has two. I don’t know if that’s good or bad or if Google is happy with Samsung attempting to take control of mobile payments on Android OS. Apple is building its own fully-controlled and streamlined mobile payment system. LoopPay is going to be carrying a lot of older baggage for the sake of having a wider user base. I’m rather surprised Google let Google Wallet fester as long as it did and didn’t promote it aggressively.
A little fractious animosity between Samsung and Google sounds like a real good thing. Long may it fester.
Sounds pretty loopy to me too. Who came up with THAT name?
Does not inspire confidence at all.
“Who came up with that name?”
Probably the marketing genius who was hoping the name would cause the residents of 1 Infinite Loop to pay them for it.
Don’t let the Brits learn about this company. Loo – pay. A coin operated toilet?
You KNOW kids in UK would be climbing the billboards to spray paint out the ‘P’.
It’s already standard practice for UK kids to spray paint the British equivalent of ‘For Rent’ signs: “To Let” becomes…
http://www.derelictlondon.com/uploads/5/6/0/3/5603187/1133708_orig.jpeg
This smacks of the “last chance saloon”; only ones laughing here are those that took Samsung’s money for this purchase. Gonna be great to watch this hashed implementation and then the ensuing security breaches; this will only strengthen Apple Pay as the only secure and private solution!!
Samsung has made its move to counter Apple Pay by acquiring… …Instead of inventing. No surprise here. I just have to laugh at these dolts. 😛
‘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. <- – Right. It's DRIVE and INNOVATION to buy someone else's technology because your company is too lazy and incompetent to DRIVE and INNOVATE its own.
What a POS company is Samsung. 😛
If it’s so great, why haven’t we heard of Looppay before. I certainly haven’t. And where is the increased security that is the hallmark of Apple Pay? Looppay is just sliding your same card info wirelessly into the merchant system. Absolutely no difference or added value here like Apple Pay is.
By the way, Looppay works on IOS as well.
The only winner in this whole deal is the owner of LoopPay. They know they are done as soon as Apple pay released. And, Finally Samsung came and buy the company, saved they a lot of trouble, they can laughing to the bank now 😀
LoopPay, huh? Well, we always knew those who used Samsung were a little “Loopy”! This is just a reaffirmation…