Photo via Yahoo!
Samsung teaming up with LoopPay and integrating a LoopPay Coil into their next generation of flagship smartphones is an earth-shattering idea. Why, you ask? Because Apple is attempting to revolutionize the mobile payment industry with their own Apple Pay™ technology.
The drawback to Apple Pay™ is that for consumers to use it, you have to fit into a couple of very specific criteria:
- You have to have an iPhone 6 or 6+, older iPhones can’t use this wonderful new technology
- The merchant’s terminal where you’re shopping or making your purchase has to be outfit with NFC technology to accept your Apple Pay™ payment
Of course we have such terminals and can upgrade you to EMV and Apple Pay™ compliant equipment if you’re a merchant looking to accept Apple Pay™, Google Wallet or any other type of NFC payment. However, LoopPay uses a metallic coil to communicate with any magnetic reader in the world – which is just about any merchant that accepts credit and debit cards.
How long can this last? How long will it be before Apple buys/beats this technology? Who knows, but it’ll be fun to watch the whole thing unfold in front of our eyes. The mobile payment and payment processing world are about to change. Are you ready?