Samsung reportedly planning Apple Pay rival compatible with 100% of cards & terminals
[youtube=https://www.youtube.com/watch?v=bw1l149Rb1k]
On the same day that Apple Pay reached a sign-up rate of 90% of US bank cards by transaction volume, Samsung is reportedly planning to launch a rival mobile payment service that would work with 100% of cards and payment terminals on day one.
Re/code suggests that the company is in talks with LoopPay, a startup which describes itself as “the most accepted mobile wallet on the planet.” Instead of using an NFC chip for contactless payment, LoopPay transmits a magnetic signal which simulates the swiping of the magnetic strip on a card. That means it works with all cards and all payment terminals, contactless or not …
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