Online payment has become very popular among consumers in this generation. Google Wallet, PayPal, and Apple Pay are among those who are currently leading in e-payment which is now quite well-known among consumers. Most of all, Google Wallet and Apple Pay standout in the advancement of online payment technology.
Typically, Samsung would love to join in the e-payment family, as noted when the company collaborated with LoopPay, a mobile payment company that stores thousand of credit and debit cards from all banks and issuers. Taken by numerous sources from ReCode, Samsung has considered a deal with LoopPay and already has a working mock-up on a Samsung device. An innuendo about the payment system is a bit similar to both Google Wallet and Apple Pay, nevertheless, it differs in some major areas. Nevertheless, the technology would still require users to use their smartphone to complete the payment.
Unlike Google Wallet and Apple Pay, LoopPay doen’t just work with NFC, it has a “magnetic secure transmission” technology which is a built-in hardware that makes payment like a small electromagnetic field which is almost similar to a credit card swipe. When users wants to complete a payment, all they got to do is tap the phone near the credit card swiping terminal. With this payment system, users can use both NFC payment as well as the credit card swiping terminal. With additional info, the card information will be secured on the users Samsung devices by using the fingerprint sensor. This function is somewhat like Apple Pay.
Somewhere around this month, CEO of LoopPay, Will Graylin, mentioned that their technology would hurl in the general smartphone somewhere in 2015. But before we all get excited about it, “the deal could still fall apart” as Samsung has not confirmed anything with LoopPay quite yet. Let us know what do you think about it? Is everyone ready for another structure of mobile e-payment?