“‘I think the technology of this stuff is totally useless,’ Global Equities Research analyst Trip Chowdhry told Benzinga. ‘Google has learned from the mistakes it made with Google Wallet. Apple already knows the value is having a secure element in the device. I don’t think the company Samsung has acquired is any good,'” Louis Bedigian reports for Benzinga.
“Chowdhry said that Samsung’s acquisition indicates that the electronics giant is ‘totally clueless when it comes to what is the key thing’ needed to be successful in mobile payments. He would have been more impressed if Samsung had acquired Tyfone,” Bedigian reports. “‘A company to keep an eye on is Tyfone,’ Chowdhry continued. “They have the key technologies, which… some people believe Apple has copied their design philosophy because Apple has a secure element in the chip.'”
Bedigian reports, “He concluded, ‘[Samsung’s acquisition] is dead on departure. Samsung doesn’t understand the payment model.'”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Arline M.” for the heads up.]
Samsung buys Apple Pay competitor LoopPay – February 18, 2015
Slavish copier Samsung in talks to launch Apple Pay knockoff – December 16, 2014