Samsung Acquires LoopPay

Samsung Acquires LoopPay

It’s clear that Apple and Samsung have been at each other’s throats ever since the two companies sued each other back in 2011. Since then, there’s been a variety of other lawsuits between the two firms, along with slews of accusations. Well, Samsung may have made the next move in this technological competition with their latest acquisition, LoopPay. The small software firm has a product that works similar to ApplePay. It is able to utilize Magnetic Secure Transmission (MST) technology (similar to NFC chip in many smartphones), and works with approximately 90% of the Point of Sale (PoS) terminals on the market today. The technology differs from NFC because a chip-enabled card reader is not needed. If there terminal can accept mag stripe cards, it should be able to accept MST as well. However, since no phones currently have an imbedded MST chip, a special case is needed to take advantage of LoopPay’s software.

About the Author

avatar KALE: A geek who works in the IT Security field and lives in Dallas, TX. He is also a music geek who has played in several local bands. Previous to his IT career, Kale worked as a photojournalist. He brings technical advice and artistic counterpoint to the podcast.