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.
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
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