Samsung purchased LoopPay for mobile payments

Samsung has bought LoopPay to compete with Apple Pay (and Google Wallet?) for making mobile payments. Unlike Apple Pay and Google Wallet however, LoopPay does not use NFC. NFC requires the vendor to have special payment terminals. LoopPay uses magnetic stripe readers that most retailers already have for credit cards. Payments can be made using a LoopPay Card.

LoopPay already has 60 million active accounts. It exists and works. In the manner that it currently exists, LoopPay might be considered to be too inconvenient to be practical. Now that it is a part of Samsung, however, the possibility exists for it to become more convenient.


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