Samsung in talks with LoopPay to create mobile payment platform

Samsung logoSamsung is in talks with a Massachusetts-based startup, LoopPay, with the hope of launching a mobile payment platform in 2015, sources say. Whether or not Samsung has reached a deal is uncertain, and indeed one source says that talks could still break down. A second source claims that a prototype version of the platform is already working on a Samsung phone.

LoopPay's technology revolves around a concept called "magnetic secure transmission," in which the same data stored on the magnetic stripe of a debit or credit card is transmitted to a payment terminal without actually swiping the card. The company has produced a few products for the public, such as a fob, and a special payment card that can be used separately or while stored in a proprietary phone case. A payment is made by tapping one of the devices near the place a card is usually swiped.

The system could give Samsung an edge over Apple Pay or Google Wallet, both of which require stores to have NFC-capable terminals. Although many US retail chains will have to upgrade their terminals anyway in the next year to meet security standards, a LoopBay-based system could be adopted almost immediately, and could work with models that Apple Pay, for example, doesn't support.

Earlier this month LoopPay's CEO, Will Graylin, claimed that his firm's technology would be embedded into a mainstream phone in 2015. He continues to decline to mention a specific phone maker. When originally asked, he also noted that people would be able to use either NFC or magnetic secure transmission.

Graylin has also previously mentioned that is company is in talks with financial firms like Visa, an investor in LoopPay, about finding a more secure data transmission method. The company is in fact aiming for a tokenized system, akin to Apple Pay, which would ensure that card information is never actually seen or stored by a merchant.

If authentic, Samsung's efforts appear to be squarely intended at taking on Apple Pay, which has achieved rapid growth and some popularity, despite being around for less than two months. The company would presumably want to launch a payment platform alongside a flagship phone, such as a Galaxy S6 or a Note 5.

Source: Electronista

Tags: Samsung, smartphones

Add comment

Your name:
Sign in with:
Your comment:

Enter code:

E-mail (not required)
E-mail will not be disclosed to the third party

Last news

A mobile hotspot in Australia will be capable of hitting gigabit speeds on the go
A new game could be in the works as Blizzard appears to have been hiring for a Diablo-related project
Nokia CEO Rajeev Suri will speak at MWC 2017
However what if you could go way, way back?
The Helio P15 packs an octa-core Cortex-A53 processor clocked at 2.2GHz
Samsung claims up to 27-percent higher performance or 40-percent lower power
Preliminary data for October shows another Windows 10 boom
Samsung Galaxy TabPro S - a tablet with the Windows-keyboard
The first Windows-tablet with the 12-inch display Super AMOLED
June 7, 2016 /
Keyboards for iOS
Ten iOS keyboards review
July 18, 2015 /
Samsung E1200 Mobile Phone Review
A cheap phone with a good screen
March 8, 2015 / 4
Creative Sound Blaster Z sound card review
Good sound for those who are not satisfied with the onboard solution
September 25, 2014 / 2
Samsung Galaxy Gear: Smartwatch at High Price
The first smartwatch from Samsung - almost a smartphone with a small body
December 19, 2013 /
HP Slate 7 is a 7-inch Android 4 Tablet PC with good sound
A cost-effective, 7-inch tablet PC from a renowned manufacturer
October 25, 2013 / 4

News Archive



Do you use microSD card with your phone?
or leave your own version in comments