The technology LoopPay (Magnetic Secure Transmission) is embedded in small devices that connect to the smartphone and which, in combination with the use of an application, allows transmitting credit card information to the payment terminal.
For the system works just leave the device a few inches of a magnetic stripe reader, the data is transmitted wirelessly to finish the payment. The technology works by creating magnetic fields that simulate a magnetic tape, interacting with traditional payment terminals, which behave as non-contact payment systems.
The NFC technology used by Apple Pay and other mobile payment systems does the same, but the payment terminals actually have to have reading skills contactless interact with technology.
In the case of technology now acquired by Samsung this works with traditional systems, requiring no modification. On the other hand, requires the customer to buy more hardware. One of the products currently marketed by the brand is a cover which will include the payment system and it costs about $ 60.
The Samsung has not said what he plans to do with the LoopPay technology, said only that the company’s engineers will work with your mobile phone unit, but it is speculated that the company will integrate technology in next models of the Galaxy S, its top of the range, even eliminating the need for additional hardware to make it work. If this question is exceeded, the technology of Samsung will be able to popularize faster than Apple Pay.
The LoopPay stresses that its system is supported by more than 90% terminals installed at points of US sales. Support for NFC payments is much less widespread and not even reach 10% of the stores in the US.
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