CEO Outlook: Samsung and LoopPay

JASON OXMAN

Samsung in partnership with LoopPay, today announced Samsung Pay, a mobile payments app that works universally on any POS terminal. I’ve known Will Graylin, LoopPay co-founder, for years and it’s exciting to see his technology startup acquired by a great ETA member company. Samsung quickly announced plans to use LoopPay in the next generation Samsung Galaxy S6.

Samsung / LoopPay has a booth on the floor at TRANSACT 15, our big annual trade show that starts March 31 at the Moscone Center in San Francisco. It will be great to see this new technology in action.

Offering both near-field communications (NFC) “tap to pay” technology alongside LoopPay’s magnetic secure transmission (MST) “swipe to pay” magnetic-stripe style tech, Samsung Pay enables broader acceptance of mobile payments today, and will be an excellent catalyst moving mobile payments forward into the mainstream.

As with Apple Pay, card networks Visa and MasterCard have announced support for Samsung Pay and the use of “tokens” to bring consumers the latest protections. Other Samsung partners include ETA member companies Bank of America, Citi, JP Morgan Chase, and First Data.

It’s been quite a month for payments companies. Google acquired Softcard technology and announced a deal with AT&T, Verizon and T-Mobile for Google Wallet. PayPal acquired Paydiant, the company powering MCX, the merchant-owned mobile payments solution. Visa bought TrialPay, the merchant rewards provider.

We’re excited to see our 500+ member companies engage in partnerships that put electronic payments into the hands of consumers. Look for more great partnerships and products to be announced at TRANSACT 15 – can’t wait to see you there!