Rumors of the Samsung Galaxy S6 using LoopPay technology for mobile payments are sounding quite a lot better now that Samsung has bought the company for an undisclosed amount. Samsung announced its purchase of LoopPay on Wednesday, saying it will bring “consumers a mobile wallet solution that is not just safe and reliable, but also widely accepted at more locations than any competing service.”
Clearly, the mention of a competing service is aimed squarely at [company]Apple[/company] Pay, which has quickly grown as an accepted mobile payments service in a short time. But LoopPay is a new twist on old credit and debit card payment tech and is accepted at roughly 90 percent of all locations that accept traditional card payments.
LoopPay does this by creating a magnetic field that replicates the data on the magnetic strip of standard cards. As a result, there’s no need for retail locations to…
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