Categories
Close
Menu
Menu
Close
Search
Search

Featured Articles

News

Samsung to acquire the LoopPay mobile payment platform

Mark

Share:

Print

Rate article:

No rating
Rate this article:
No rating

Samsung Electronics has agreed to acquire mobile wallet service LoopPay. LoopPay’s products can allow a retailer’s conventional card reader to also accept contactless payments, with the ability to work with around 90% of all point-of-sale terminals in the USA.

For consumers, there are options of a separate LoopPay device or using the LoopPay app and putting a customised case on a compatible smartphone.

Customers can ‘load’ their existing debit cards and credit cards to LoopPay, which lets them pay via their phone or by holding a LoopPay device next to the credit card reader. The LoopPay device generates a magnetic field that’s then received by the card reader.

Samsung was already an investor in LoopPay, along with Visa.

JK Shin, President and head of the IT and Mobile Division of Samsung Electronics, said “This acquisition accelerates our vision to drive and lead innovation in the world of mobile commerce. 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.”

Figures from eMarketer show that mobile proximity payments in the USA - payments made with a smartphone at the point of sale in place of a credit card or cash - totalled $3.5 billion last year but are forecast to reach $27.5 billion next year. Similarly, the number of mobile proximity payment users in the USA is expected to more than double from 2014 to 2016.

Bryan Yeager, analyst at eMarketer, said “Samsung’s acquisition of LoopPay signals how serious it is about building and launching a competitive mobile payments system in the United States. It also likely gives Samsung exclusive access to LoopPay’s technology, which enables mobile payments to be made at merchants who haven’t upgraded their point of sale technology to support newer contactless payment methods like NFC - of which there are many.”

Comments

Collapse Expand Comments (0)
You don't have permission to post comments.

Opinion Articles

ExclusiveI'm unconvinced about the new T-Mobile hybrid tariff

Mark Bridge writes:

I don't like marketing spin. You know, the kind of thing where the small print contradicts the headlines or where an embarrassing u-turn becomes a benefit. Given my chosen profession, I find it tends to stand out.

And so I turn my attention to T-Mobile's new 'You Fix' tariff. Sounds rather like T-Mobile's 2005 'U-Fix' tariff, but that may be coincidence. You pay a fixed monthly fee and - if you use all of your inclusive calls - you can add an additional allowance during the month by paying a bit more. Rather like buying a top-up on a prepay phone.

ExclusiveThis week at The Fonecast: 30th July 2011

Mark Bridge writes:

Those quarterly figures keep coming. In our Wednesday podcast we talked about Apple and Nokia – and since then we’ve heard from Everything Everywhere, LG, Motorola, Samsung (with its multi-million selling Galaxy S II), Telefonica and Virgin Media. Each had something positive to stay, although some were more convincing than others.

ExclusiveBurnside Telecom: the largest mobile phone manufacturer

Mark Bridge writes:

You could probably describe Burnside Telecom as the world's largest mobile phone manufacturer. No, not production volumes - but the physical size of its products.

This UK-based designer and manufacturer produces a variety of mobile devices, from office-style 'desktop mobile phones' to the type of rugged outdoor telephone used at railway crossings.

ExclusivePodcasts from The Fonecast: the best-kept secret of the UK mobile phone industry

Welcome to The Fonecast. We reckon we're the UK mobile phone industry's best-kept secret.

If this is the first time you’ve heard of us, we're podcasters and news reporters. Every Wednesday we produce a podcast - an online radio show - that brings you up to speed with everything that's been happening in the mobile business. And every Friday we take a closer look at a specific news story, a company, a product or a mobile trend.

RSS
First6465666769717273Last

Recent Podcasts

ExclusivePodcast from Mobile World Congress 2015

Mark Bridge learns about the mobile technology trends at Mobile World Congress 2015 by chatting to James Rosewell of 51Degrees, Dr Kevin Curran from the IEEE and Chris Millington of Doro.

They talk about wearable devices, wireless charging, mobile operating systems and much more... including some of their favourite products from the exhibition.

ExclusiveLooking back at February: from security scares to multiple MVNOs

We're taking a look back at the biggest mobile industry news stories from February 2015, including allegations that the UK's security service tried to breach SIM card security by hacking into one of the world's biggest SIM producers.

We also talk about the planned BT and EE merger, the creation of two new UK virtual networks, some acquisitions in the mobile payment arena and a new Ubuntu smartphone.

ExclusiveA month of mobile: O2 counts on 3, Microsoft counts to 10 and Apple counts its profits

We're back with a month of mobile industry news, including takeover talks and takeover rumours. O2 and Three are said to be discussing a merger... but is there any truth in the suggestions that BlackBerry could be up for grabs?

We also discuss Apple's record-breaking quarterly figures, the highlights of CES and the launch of Microsoft Windows 10, as well as saying farewell to the current version of Google Glass.

RSS
12345678910Last

Follow thefonecast.com

Archive Calendar

«June 2026»
MonTueWedThuFriSatSun
25262728293031
1234567
891011121314
15161718192021
22232425262728
293012345

Archive