Read original story on: TechCrunch
Look out, Apple Pay! Samsung is entering mobile payment with its acquisition of payment startup of LoopPay. Samsung has stated it will work toward building LoopPay’s technology into future devices, and stressed that a “holistic mobile wallet” based LoopPay’s unique magnetic secure transmission (MST) technology would enjoy wider converge than most mobile payment systems that employ NFC tech, including Apple Pay.
Regardless of Samsung’s self-proclaimed superiority, Apple Pay has already got a great head start, recently entering new territories like vending machines, in-flight purchases, and government agencies. Samsung has a lot catching-up to do if it is serious about competing with the Cupertino rival in mobile payment.