Tech News - Samsung’s Mobile Wallet Acquisition of LoopPay Heats up
Competition; How it Could Impact Apple Pay, Google Wallet, Wocket and COIN
New York NY - Point Roberts WA – February 19, 2015–
(www.investorideas.com newswire)
Investorideas.com, a global news source covering leading sectors including
technology and tech stocks, reports on Samsung’s acquisition of LoopPay and how that could impact the playing field for
Apple Pay, Google Wallet, Wocket and COIN.
Samsung
Electronics announced yesterday that it will acquire LoopPay (www.LoopPay.com), the mobile wallet solutions
provider that turns existing magnetic stripe readers into secure, contactless
receivers. LoopPay’s technology has the potential to work in approximately 90%
of existing point-of-sale (POS) terminals, according to internal research, with
no investment in new infrastructure required by merchants.
According
to the news, “LoopPay will join Samsung to strengthen the company’s overall
efforts to provide users with seamless, safe, and reliable mobile wallet
solutions.”
One of the most notable differences between LoopPay and Apple Pay, the
current leader in the space, is that it is capable of working at over 10
million locations - including Walmart and Starbucks. In fact, in the brochure for LoopPay, they invite
you to take the “Apple Pay/LoopPay challenge” to see who comes out on top.
LoopPay was
one of the exhibiting companies in the personal privacy marketplace at CES 2015.
Investorideas.com interviewed the company and also had a brief demo of how it
worked. There were no rumblings of an acquisition at CES, where over 4000
journalists were present. Other companies in the marketplace included iWallet, Wocket, Silent Pocket and HyprKey.
LoopPay, Inc.
CES 2015 video demo:
The Wocket booth, located right beside LoopPay, was one of the
busiest in the marketplace.
Wocket (www.wocketwallet.com) is
a smart wallet designed to protect your identity and replace all the cards in
your wallet, with no smart phone required. The Wocket works anywhere credit
cards are accepted and only works with your biometric stamp of approval. Wocket
is the lead product for NXT-ID, Inc. (NASDAQ: NXTD and NXTDW).
“The strategic acquisition of LoopPay by Samsung
highlights the need for modern payment systems to work on most 10 million point
of sale terminals in the United States in order to gain real market
penetration” said Gino Pereira, CEO of Nxt-ID (NASDAQ:NXTD). “There are relatively few technologies that
have been developed that can do this; our Wocket Wallet is one of them that can.
The advantage of Wocket Wallet is that it can work independent of smartphone
types or carriers.”
Wocket smart
wallet demo 2015 CES; NXT-ID (NASDAQ:NXTD)
Investorideas.com
has previously interviewed Mr. Kanishk Parashar, the CEO of COIN, a company
that puts eight credit cards in one COIN. The company is still beta testing but
has had a lot of attention as a possible contender. (https://onlycoin.com/)
Google's
negotiations with Softcard to acquire the mobile payments company show the
payment sector is ripe for acquisitions, as all of the big players look for a
better way to make secure payments in this rapidly evolving industry.
Samsung was
an early investor in LoopPay and hedged its bets, waiting for the right moment
to acquire the company and potentially take the lead.
Original
article CES:
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