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Samsung Plans to Challenge Apple Pay

Category: Mobile
Posted: 05:56PM

Samsung has acquired mobile payment company LoopPay, likely in a bid to challenge the Apple Pay and Google Wallet systems. LoopPay doesn't use Near Field Communication (NFC) as Apple Pay and Google Wallet do, but rather uses a phone case that replicates the functionality of traditional credit cards. This gives LoopPay the advantage of requiring no additional hardware to accept payments. Currently LoopPay requires the purchase of a $16 case or $10 keychain module, but there is some speculation that the acquisition by Samsung could lower or remove the price tag. It is also possible that future Samsung phones will have the technology built in as the LoopPay hardware can support that.

Source: Engadget

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