Ondrej Holzman Apple is by no means idle and regularly expands its Pay payment service across the United States. So far, his ambitious project is only available overseas, but it can be expected that it will also reach other continents during this year. And at the same time, it can now be expected that Samsung will react to the boom of its big competitor in the field of mobile payments. The proof is the acquisition Loop Pay.
The South Korean company announced the purchase of LoopPay after there was speculation last year that they would work together to develop a new mobile service. Now, Samsung has decided to take all the technology and talent that LoopPay has under its roof.
"LoopPay will help strengthen the company's overall efforts to provide users with a simple, secure and reliable mobile payment solution," Samsung commented on its latest acquisition, which can be really important for it.
If Samsung wants to build a capable competitor for Apple Pay, LoopPay can prove to be a very effective solution. This company brings patented Magnetic Secure Transmission technology, which can turn payment terminals into contactless readers. What's more, LoopPay's solution works.
Through this service and thanks to the mentioned technology, it is currently possible to pay in more than 10 million shops in the world, and even though until now a special packaging had to be purchased to use LoopPay, the essential thing was that the whole solution otherwise worked reliably, as they found out when testing on The Verge.
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LoopPay vs. Apple Pay
In the case of Samsung, the primary goal when building a mobile payment service might not only be to compete with Apple Pay, but also to secure its leading position within Android devices. On it, users can now use services such as Google Wallet or Softcard, but none of them come close to the simplicity of Apple Pay.
If Samsung came up with a really functional and at the same time simple and secure payment service before Google, it could take an even bigger share of the Android world. It is possible that the South Koreans will show us the first preview of their upcoming service as early as March 1, when the new flagship of the Galaxy series is to be presented.
However, the comparison with Apple Pay is of course offered, and just as the mobile devices of Apple and Samsung compete with each other at the moment, their payment services would also come into competition on the market. We can already find LoopPay on the website special section, bringing a comparison with Apple's payment service.
LoopPay boasts that, unlike Apple Pay, most retailers in the United States are currently ready for its service and that it supports a hundred times more payment cards that can be used for payment. Nevertheless, Apple is constantly working on expansion and regularly announces the conclusion of agreements with other publishers. Another advantage of LoopPay is that it can be used on dozens of devices regardless of manufacturer and platform, which is not surprising.
