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Samsung Pay could take off compared to other mobile payment efforts

Could Samsung Pay end up topping Apple Pay?

Published Sat, Jun 27 2015 5:30 AM CDT   |   Updated Tue, Nov 3 2020 12:05 PM CST

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 could take off compared to other mobile payment efforts | TweakTown.com

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.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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