LoopPay Joining Crammed Mobile Payment Space
In an effort to move into the mobile commerce space, Samsung on Wednesday said it plans to acquire Burlington, Mass.-based mobile payment system LoopPay.
The South Korean company will now compete against platforms like Google's Google Wallet and eBay's PayPal in the mobile commerce market. But the most significant hurdle that Samsung and LoopPay will jointly face is Apple's Apple Pay.
Apple Pay, released in September, has seen tremendous success, as the service makes up $2 out of $3 spent on purchases using contactless payment across the three major U.S. card networks, according to Apple. But LoopPay has a few unique features differentiating it from Apple's popular payment system. CRN puts the two platforms head-to-head to size up their different aspects.