By Tim Maytom
Samsung Electronics has become the latest big company to get into the mobile payments game, acquiring US startup LoopPay in an effort to counter Apple Pay, Google Wallet and the various other solutions being offered to consumers.
Samsung was already working with LoopPay on a way of integrating the company’s Magnetic Secure Transmission (MST) technology into its phones, and the acquisition seems to be a solid indicator that the firm will be launching some form of mobile payment system in the near future.
LoopPay’s MST technology creates magnetic fields similar to those generated by the magnetic strip on a credit or debit card, and can be used to effectively turn card readers into contactless payment devices without the need for any modifications.
Currently, the company produces small peripherals that work with an app to transmit credit card information, although its possible Samsung will look to integrate the technology directly into handsets. There has been speculation that Samsung’s flagship Galaxy S6 smartphone, to be launched next month, could include mobile payments technology.
According to the Massachusetts-based startup, the MST technology will work with 90 per cent of existing POS terminals, which would give any solution using the tech a …read more
Source:: Mobile App News