Tag: LoopPay

New technology could make mobile payments even more convenient

| January 12, 2015

LoopPay’s new technology is meant to make mobile commerce more accessible to a winder range of consumers and businesses

LoopPay, a mobile commerce firm, may be able to make mobile payments more convenient with its new technology. The firm has developed a  small copper loop that is meant to be affixed into a smartphone case or other accessory. When an alternative current is sent through this loop, it can communicate with standard payment systems, such as those used in retail stores to accept credit and debit card payments.

Cooper loop can give nearly any mobile device the ability to make payments in physical stores

The simple copper loop has the potential to make mobile payments much more simpler than they had been in the past. Most modern mobile commerce platforms rely on NFC technology, which allows a mobile device to send digital information over a short distance. In order for retailers to accept NFC-based mobile payments, they must have a point-of-sale system that is equipped with NFC technology. For many retailers, investing in this technology is an expensive endeavor, which is why so many have avoided the mobile commerce field.

New technology could reduce the need for NFC

LoopPay’s new technology can remove the need for these investments, enabling businesses to accept mobile payments with their existing point-of-sale systems. This technology can also provide those without NFC-enabled smartphones a way to pay for products in physical stores without having to use payment cards or physical currencies. These payments would be processed through LoopPay and the simplicity of this service could make the firm much more competitive in the mobile commerce field.

Rumors suggest that LoopPay has begun working with Samsung

Rumors have begun to circulate about LoopPay’s potential partnership with Samsung. According to these rumors, the two companies are working together on a mobile commerce platform that Samsung plans to launch in the near future. Other rumors suggest that the new technology from LoopPay will be incorporated into Samsung’s next smartphone, potentially the Galaxy S6. Neither company has confirmed working together, however, and these rumors remain little more than speculation.

Samsung may break into mobile payments

| December 19, 2014

Samsung reportedly in negotiations with mobile commerce firm LoopPay

Google and Apple may soon have strong competition in the mobile commerce field. South Korean electronics company Samsung is reportedly in negotiations with LoopPay, a mobile payments firm based in the United States. While the two companies have not yet officially announced plans to work together, Samsung has been showing strong interest in the mobile commerce space recently. The company sees a great deal of promise in mobile payments and could begin entering into the market within the next few years.

Android devices continues to help mobile commerce grow

Mobile commerce has thrives on the Android platform over the past year. Approximately 83% of the smartphones shipped during the last quarter are powered by the Android operating system, and many of these devices come equipped with mobile payment applications, such as Google Wallet. The Wallet platform has yet to find success among consumers, which has led many to use a wide variety of payment applications. Samsung could capitalize on this by offering a new payment service that would also come pre-installed on Android devices.

Samsung is no stranger to mobile payments

samsung - mobile paymentsThough Samsung has not made an official entry into the mobile commerce market with its own payment service, the company is no stranger to the market itself. In 2012, Samsung partnered with Visa to released a special version of the Galaxy S3 smartphone, which supported Visa’s payWave technology. Last year, the companies expanded this partnership, bringing payWave supporting devices to 40 European countries. Rumors suggest that Samsung has also begun working with PayPal to support mobile payments on wearable devices.

Apple may find a strong competitor in Samsung

If Samsung decides to enter into the mobile commerce market, it may become Apple’s most significant competition. Apple released its own mobile payments service earlier this year, which has won praise among retail organizations and consumers alike. The service is only available for one iOS device, however, which has limited its appeal to some consumers. A platform developed by Samsung would likely be available for numerous Android devices, many of which Samsung has developed itself.