Not only did Samsung start working with LoopPay, but it was even supposed to buy it out for an undisclosed amount. The South Korean giant has confirmed that it is interested in launching its own payment system that will be compatible with its mobile phones. In addition, Samsung could introduce a payment system already as part of it Galaxy S6 and card users like MasterCard, VISA or American Express could start paying with a mobile phone in the future. An advantage over Apple Pay is that the service is compatible with a wide range of other devices, including iPhones, with the help of the LoopPay cover and app.
Samsung also has a huge competitive advantage, as LoopPay already works with 10 million stores worldwide, while Apple Pay is slowly entering into partnerships with large store chains and is only now, after the introduction, starting to work with others. Samsung also, as the largest card provider in South Korea, can link the LoopPay service (perhaps rename it) to its cards, thanks to which residents there might not even need to import a physical card. However, we will find out later whether this will be the case, since starting a payment system is not as simple as it might seem at first glance. The startup LoopPay also makes it possible to convert traditional card readers with magnetic strips to contactless ones.
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*Source: BusinessWire
