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Samsung confirms its mobile payment plans

LoopPay tech will be part of Samsung Pay

Samsung Electronics has announced a new mobile payment service called Samsung Pay.

It combines what it’s calling Magnetic Secure Transmission - the technology used by its recent acquisition LoopPay - with Near Field Communication. As a result, it says consumers will be able to use secure mobile payments at ‘nearly all’ merchant locations.

Author: The Fonecast
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Samsung to acquire the LoopPay mobile payment platform

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.

Author: The Fonecast
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