Mobile Payment nowadays are now can be access through different ways such as Google's Google Wallet, Apple's Apple Pay, and the upcoming Android Pay. Recently, Samsung is also rumored to introduce their own mobile payment service, the "LoopPay".
LoopPay uses the same process like the others, the so-called "magnetic secure transmission" in which the user would tap his device near a credit card magnetic swipe terminal.
According to Re/code "The technology would allow people with certain Samsung phones to pay in the vast majority of brick-and-mortar stores by waving their phones instead of swiping with a credit card or cash."
LoopPay has also been reviewed by Walt Mossberg of Re/code who later reported that out of the 13 stores he visited, LoopPay's technology worked at 10.
Moreover, Samsung's LoopPay is said to be compatible with 90 percent (10 million) of the stores in the U.S including Starbucks, Macy's, Target and Walmart. Unlike Apple Pay which only has 3 percent (280 thousand) retail locations.
Earlier this month, LoopPay CEO Will Graylin told Re/code that his company's technology would have "massive penetration" in 2015 when it becomes embedded into a mainstream smartphone. The company described their technology as more efficient, convenient, accessible, and compatible mobile payment service than Apple's Apple Pay.
Furthermore, LoopPay plans to add support for one-time use tokens known as "tokenization"-the system works by substituting a shopper's card details with a unique placeholder, then the token is then matched up with a certain credit card account either by a bank or card network.
Though, LoopPay's launch is hasn't been confirmed yet, since Samsung ang LoopPay company is still discussing and finalizing the plan. However, Samsung has hinted in the past about their plans to expand its Wallet service that will support offline payments, since they are keen on getting new services to introduce along their newest Galaxy device, and is believed to be revealed on 2015.
