Friday, February 20, 2015
We’ve just heard that Samsung is to buy LoopPay.
What’s significant about LoopPay? Well, they have an interesting technology that adds a small piece of hardware to your mobile phone (various forms are available, e.g. a charge case for the iPhone 5 or a Fob for the iPhone 4 or Android phone). The LoopPay App on the phone allows you to add cards to your phone, and the hardware transmits a signal to magnetic stripe readers on POS devices in stores, fooling the POS into thinking that you’ve swiped your magstripe card.