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Samsung jumps into mobile payment market to challenge Apple Pay

Whowired News Team  |  press@whowired.com
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듅씤 2015.02.23  15:01:54
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It is expected that the two biggest electronics giants, Samsung Electronics and Apple, will have a showdown over future reign of the rapidly growing global mobile payment market.

On 19 Feb, Samsung Electronics announced its entry into the market by acquiringLoopPay, a US-based mobile wallet provider. LoopPay has patented MST(Magnetic Secure Transmission) technology which can turn existing magnetic-stripe readers into secure and contactless receivers without any need for store owners to invest in new infrastructure for mobile payment.

   
 

According to multiple industry sources, Samsung plans to announce the Galaxy S6, which is inbuilt with LoopPay’s MST technology, at the MWC in February. Samsung’s acquisition of LoopPay is regarded as part of its efforts to compete against Apple Pay in the promising mobile payment market.

Apple introduced its mobile payment platform Apple Payin last September. Apple Pay is based on NFC(Near-Field Communication) technology which allows iPhone users to pay items conveniently with just a one-click tapofa button.

Yet, Apple Pay requires merchants and retailers to buy or upgrade necessary equipment enabling NFC. However, LoopPay’s technology is compatible with almost 90% of current PoS(Point-of-Sale) terminals in the US while only 3% of the existing terminals are available for Apple Pay at the moment.

On the other hand, when it comes to security issues, Apple Pay is considered superior to LoopPay’s MST technology. LoopPay’s technology is based on magnetic fields, which is considered more vulnerable to hacking than Apple Pay’s fingerprinting technology.

An industry official said, “The global market for mobile payment is projected to exponentially grow to become a $721 billion market by 2017. Naturally, Samsung and Apple will fiercely compete with each other to secure a lion’s share in this fast-growing lucrative market.”

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