Recently acquired by Samsung in February, software company LoopPay could potentially help the multinational brand compete directly with Apple Pay with gadgets in the future (such as a mobile wallet solution) as well as accelerating their mobile e-commerce efforts in general. This is not a stretch, given LoopPay has already marketed its offerings as an alternative to Apple Pay for non-Apple device developers.
Their payment technology is embedded in a standalone protective case (CardCase) or fob. From there you can use the app to input and keep payment information (like credit card numbers), thus enabling the case to wirelessly communicate with tap-to-pay terminals in retail spaces. Most stores will not need updated hardware either, because it mimics magnetic stripe technology.
What's Driving This Trend
- Mobile Wallet Solutions
- Samsung's acquisition of LoopPay could lead to the development of a competitive mobile wallet solution to rival Apple Pay.
- Mobile E-commerce Acceleration
- LoopPay's acquisition could speed up Samsung's efforts in the mobile e-commerce space.
- Alternative Payment Technologies
- LoopPay's technology offers an alternative to Apple Pay for non-Apple device developers.
Who This Affects Most
- Consumer Electronics
- Samsung's acquisition of LoopPay has the potential to disrupt the consumer electronics industry by offering a new mobile payment solution.
- Retail
- LoopPay's payment technology could disrupt the retail industry by enabling tap-to-pay capabilities without the need for updated hardware.
- Fintech
- LoopPay's alternative payment technologies could disrupt the fintech industry by providing new options for mobile payments.
