LoopPay mobile payments technology leads the market, attracts Samsung
Enoch Antwi
The mobile payments technology of LoopPay is making a difference in the point-of-sale market.
Daymond John: Millennials lead in smart business technology
Pakistani economy cuts deficits in half in 2015
MOTO 360 2nd Generation review: A premium design
LoopPay mobile payments technology is making a difference in the mobile payments market. CEO Will Graylin announced some more specs of the mobile payments system that would enhance its dynamic, innovative technology.
"LoopPay will soon have biometrics. The new version will have a fingerprint sensor for convenience and security. Already, we have been working with major stakeholders like Visa and big issuers to extend that same technology on the LoopPay platform," he says.
More specs on LoopPay
The payment system already shows an edge over competitors like Google Wallet and Apple Pay with its ability to interact with mobile payments systems that most retailers are presently using.
The LoopPay technology wins over its competitors with an advanced technology that wirelessly imitates the magnetic strip at the back of debit and credit cards.
The current Google Wallet and Apple Pay systems slow down the mobile payments process. They require a particular NFC technology to operate.
The company claims it is already working with about 90% of retailers in the mobile payments market, which has recorded a huge win compared to some of its competitors.
Samsung acquires LoopPay
These developments have resonated with the mobile phone giant, Samsung, when it announced this week that the LoopPay mobile payment system has become part of its portfolio.
The buyout seems to be a strategic business decision to neutralize last year’s fall in profit and overcome investors' pressure for higher returns.
With this acquisition, Samsung will compete with Apple Pay and could extend the LoopPay mobile payment technology across the android platform on which it operates.
Projections on the mobile payments market
According to earlier reports by research firm Forester, the mobile payments market in the United States is expected to reach $142 billion in volume by the end of 2019.
Few companies, like PayPal and AT&T, have also experimented with mobile payments without tremendous success.
The company's research believes that the mobile payment market has matured over the years, and it expects the point-of-sale technologies to make a big impact in the coming years.
Enoch Antwi
Enoch Antwi is the managing editor at The Business Frontal. He worked as a business and an environmental journalist in the late 1990s with the Business and Financial Times. His passion is to provide on-demand valuable information and insights on business, entrepreneurship, leadership, innovative technologies, and principles for corporate success in today's business world.
