Mobile Payments is another battle ground for the tech companies like Apple, Google and PayPal to be fighting it out in, and all this comes at a price, which specifically for Samsung amounts to about $250 million USD. That’s how much the Korean phone maker splashed out on purchasing LoopPay earlier this year.
The technology used in LoopPay is unique as it allows you to use a special piece of hardware like a Smartphone case to work with standard terminals that you would normally need to swipe your credit card at, of which there are approximately 200 million in use worldwide and they will work with LoopPay. The Samsung Pay mobile payments system will be based on this tech going forward and will be released later year, according to sources close to the matter. You will no longer need to get your wallet and credit card to pay for your meal, just your mobile, which is always at hand.