Apple Pay Vs LoopPay: Samsung Set To Buy Mobile Payment Company LoopPay As They Plan On Challenging Apple Pay Soon!

By Vinay Patel | February 19, 2015 09:47 AM EST

Samsung Galaxy S6 Active Vs. Sony Xperia Z3+
(Photo : David Becker | Getty Images News)

Looks like Samsung is ready to go head-to-head with Apple and its payment system on iPhone, Apple Pay.

Samsung announced on Wednesday, Feb. 18 that they will be acquiring the mobile payment start-up LoopPay, setting up another head-to-head match-up with rival company, Apple.

David Eun, head of Samsung's Global Innovation Centre, stated LoopPay's system is "accepted at more locations than any competing service."

Eun's remarks reflected the fact that unlike Apple Pay, LoopPay's system uses the existing magnetic strip technology already found in most US credit card terminals, implying that no additional investment by merchants is required. LoopPay, which raised early capital through the Kickstarter website in 2013 works by reproducing the signals from a credit card's magnetic swipe as users tap a LoopPay device next to a retailer's card reader.

According to reports from ABCNews, the acquisition strengthens the speculation that the technology could be integrated into one of Samsung's future smartphones, which is expected to be announced March 1 at the Mobile World Congress in Barcelona.

JK Shin, president of Samsung, said in a statement, "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." claims in order to use LoopPay, users until now have to buy a special phone case or external "dongle," however its technology incorporation in Samsung phones could greatly increase adoption, setting the stage for a battle of competing payment systems between the world's two largest smartphone producers, Samsung and Apple. notes that according to analysts a big increase can be expected in in-store payments using mobile devices in the next few years. For example, Forrester predicts that the US total will grow from $3.7bn last year to $34bn in 2019.

Check out how LoopPay, in its current form, differs from Apple's mobile payments solutions.

Customer Needs

In order to use Apple Pay for purchases at brick-and-mortar stores requires an iPhone 6 or iPhone 6 Plus. For LoopPay, on the other hand, the user will need a card retailing for $49.95. Various phone cases can also be purchased to hold the card.

How Does It Work?

Apple Pay - Users simply have to position their iPhone near one of the readers at a store, hold their finger on their Touch ID. The Near Field Communication antenna in the iPhone 6 makes the swift checkout motion easy as it connects with the payment point to complete the transaction. Users will be informed that the checkout was successful with a beep and vibration.

LoopPay - According to ABCNews, LoopPay users can either press a designated button on their device or simply open the LoopPay app. Users can select the card of their choice and tap it on the credit card reader and they are good to go. Apple's rollout requires stores to have NFC readers; however LoopPay can work on most already existing infrastructures, according to its website.


LoopPay said it encrypts all customer data and stores it behind a locked PIN and password. With Apple Pay, a device account number and dynamic security code are used to complete the transaction.

Tagged :  Apple, Apple Pay, Samsung, looppay, tim cook


05.23.17 | 08:36AM EDT

TWICE Beats Own Record For Number Of Copies Sold With 'Signal'

TWICE recently beat their own record with having the most number of album copies sold with the 4th mini album "Signal".

Oversea Event 05.23.17 | 08:32AM EDT

BTS Wants To Have Stadium Tour LIke MIchael Jackson, Work With HIGHLIGHT

Following BTS' momentous win at Top Social Artist at the Billboard Music Awards, BTS is thinking up of reaching bigger goals for the future of their music. Among those goals is having a stadium tour similar to Michael Jackson's world tour.

05.23.17 | 01:27PM EDT

BTS' Jin Went Viral After Being Called 'The Third Guy From The Left' At Billboard Music Awards

BTS' Jin stood out the most among other members for his handsome look. He was called the third one from the left at BBMAs and it went viral on social media.

KpopStarz Is Looking For Enthusiastic Entertainment Contributors Reach Millions On The Web.
Real Time Analytics