One of the hurdles to implementation for mobile payment technology is the cost of adopting new physical systems compatible with methods like Apple Pay. Samsung stands to take what observers call an "early lead" on the marketplace due to its acquisition of LoopPay.
"LoopPay developed a technology called Magnetic Secure Transmission (MST) which will be integrated into new Samsung phones," reports John Heggesteun of Business Insider. "The technology will allow mobile users to pass their phones over a typical credit card reader to make a payment. In addition, Samsung Pay users will also be able to pay by presenting a barcode to be scanned at checkout."
This means that a higher number of merchants should be able to accept Samsung Pay payments sooner than its competitors, as the … more