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.
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."
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.
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