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Samsung Pay could take off compared to other mobile payment efforts

Could Samsung Pay end up topping Apple Pay?
By: Michael Hatamoto | Mobile Devices, Tablets & Phones News | Posted: Jun 27, 2015 10:30 am

Samsung Pay hasn't launched yet, but there is a significant possibility the mobile payment platform could have a major advantage by using technology developed from LoopPay.

 

samsung-pay-take-compared-mobile-payment-efforts_01

 

LoopPay, which Samsung acquired, uses Magnetic Secure Transmission (MST) technology that will allow any Samsung smartphone to make a payment on current credit card readers. In addition, you can simply use a digital barcode - which can be scanned at checkout - as a method to make a payment.

 

Even if most of you haven't experimented with mobile payments just yet, the industry as a whole is expected to reach $37 billion this year. Of course, that number is half what Business Insider expected - and it won't magically become easier to convince users to try a non-traditional payment.

 

Both Apple Pay and Android Pay force interested retailers to upgrade their point-of-sale machines so they accept near-field communication payments. While some retailers are making the change, others haven't been as fast to make changes.

NEWS SOURCES:Businessinsider.com, Blog.kaspersky.com

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