The Loop Pay accessory looks like a dongle or a case, and can store card data. It can be tapped against a standard card reader to make payments. It can be embedded into different household things, including smartphones!
Samsung is in talks with the firm to come up with its own answer to Apple Pay, according to different sources. If the deal is successful, it will have huge implications on the mobile payment industry, as its reach will be far more than that of Apple Pay!
Apple Pay vs Loop Pay:
Source: Loop Pay Website
The major advantage that Loop Pay has over Apple Pay (or Google pay) is that it doesn’t need stores to installnew equipment and uses existing credit card appliances which will provide Samsung an edge over its challengers. Various sources cite that the fresh cell phone payment solution from Samsung will be introduced in the middle of 2015.
Apple Pay authenticates payments using fingerprint identification sensor present in the new iPhone’s home buttons. Samsung’s new Galaxy smartphones also boast of biometric authentication, which might be incorporated into the new payment systems.
The technology may also be used in conjunction to PayPal’s app to pay using handsets.
For Loop Pay, this deal will be the passport to global mainstream adoption. So far it has embedded the technology to a few hardware products like keychain and dongle and has sold them directly to the customers, but bringing it with a smartphone will be a giant leap for this mobile start-up.
As Loop Pay’s technology mimics a card swipe, it works in far more locations than Apple Pay!
Will Graylin, LoopPay’s CEO, had stated last month that Loop Pay’s technology would be embedded into a mainstream smartphone in 2015 that would have “massive penetration”. He also said that the partnership will also support NFC technology, as the switch from “swipe to tap” will be a gradual one, and swiping is expected to be phased out in a few of years.
If Loop Pay can add tokenization to its technology, it will be a real game changer for the mobile payment industry. Tokenization substitutes a shopper’s card information with a unique placeholder and can be matched up with a specificcredit card account by bank. Apple Pay uses tokenization.
Graylin had stated that Loop Pay is in discussion with firms like Visa to find secure ways of transferring payment data from its device to the retail outlet’s systems.
By the look of things, the system may beat Apple pay hands down!
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