mobile payments tech

Mobile Payments: LoopPay Technology Leads Market

The LoopPay mobile payments technology is making a difference in the mobile payments market.

CEO Will Graylin , announced recently some more specs of the mobile payments system that would enhance the  the company’s dynamic innovative technology.

More Specs on LoopPay

LoopPay will soon have biometric . The new version will have fingerprint sensor for convenience and security. Already, we have been working with major stake holders like Visa and big issuers to extend those same tokenization on the the LoopPay platform”, he says.

Mobile payments technology
Mobile payments technology

The payment system already shows an edge over competitors like Google Wallet and Apple Pay with its ability to interact with mobile payments systems that most retailers are presently using.

The LoopPay technology wins over its competitors with an advance technology that wirelessly imitates the magnetic strip at the back of debit and credit cards.

The current Google Wallet and Apple Pay systems tends to slow down the mobile payments process. They require a particular NFC technology to operate.

The company claims it is already working with about 90% of retailers in the mobile payments market which has recorded a huge win compared to activities of some of its competitors.

Sumsung  Acquires LoopPay

mobile payments tech
LoopPay CEO, Will Wang Graylin and his mobile payments technology.

These developments probably have resonated with the mobile phone giant Samsung, when it announced this week, the acquisition of LoopPay mobile payment system to become part of its portfolio.

The buyout seems to be a strategic business decision to aggressively neutralize last year’s fall in profit  and to overcome pressure from investors for higher returns.

With this acquisition Sumsung is set to vigorously compete with Apple Pay and could extend the LoopPay mobile payment technology across the android platform on which it operates.

Projections on the Mobile Payments Market

According to earlier reports by research firm Forester, the mobile payments market in the United States is expected to reach $142 billion in volume by the end of 2019.

Few companies like PayPal and AT&T have also experimented mobile payments without huge success.

The research company is of the view, that the mobile payment market has matured over the years and it expects the point of sale technologies to make big impact in the coming few years.


Photo Credit: YouTube/ LoopPay

 

 

 

Enoch Antwi is the managing editor of CEIimages Magazine. He is an accomplished writer, a marketer, a journalist and a thinker. He is a resourceful team player marketing business and entrepreneurship ideas that propel market penetration and advances Return on Investments (ROI'S) for businesses. His passion is to provide on-demand valuable information and insights on business, entrepreneurship, leadership, innovative technologies and principles for corporate success in today's business world. View all posts by

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