Re/code:
Samsung has discussed a deal with a payments startup that would help the smartphone maker unveil a wireless mobile payments system in 2015 to rival Apple, according to multiple sources.
The technology would allow people with certain Samsung phones to pay in the vast majority of brick-and-mortar stores by waving their phones instead of swiping with a credit card or cash.
This sounds so familiar to me.
Graylin said his company has been in discussions with financial services companies such as Visa, which is an investor in LoopPay, about finding a more secure way to pass payment data from one of its devices, or a phone, to a store’s checkout system. LoopPay hopes to use a system known as tokenization, which substitutes a shopper’s card information with a unique placeholder, to accomplish this. The token is later matched up with a specific credit card account by a card network or bank. A merchant never receives or stores the actual payment information.
Huh, tokens used in a payment system. Wait, don’t tell me, I know I’ve heard this idea somewhere before.
You really can’t make this crap up. Samsung, shameless.
Notice that Apple is doing it in a way that doesn’t “compete” with others. It’s all open and usable technology anyone can use.
Bwa.
Samsung. Payments. Seriously.
(I do not mock them for “copying Apple”, here.
I mock them for thinking they can do this at all. I see no reason at all to believe that Samsung has the internal flexibility or chops to even attempt it, let alone any credibility with the payments industry.
Apple at least had this giant money-pump of an online store and thus huge experience with online payment processing and a huge retail presence; Apple had both skin in the game and experience in the problem space.
Samsung has … “Apple did it”.)
Works with all card readers, even Credit Card Skimmers
LoopPay is an interesting system, but technically, it’s a hack. It circumvents the normal system and tries to make magstripe readers work in a way it’s not supposed to work. Not surprisingly, this means it doesn’t work consistently.
http://www.usatoday.com/story/tech/columnist/baig/2014/02/25/looppay-let-you-use-credit-card-accounts-with-phone-or-fob/5811959/
“tokens used in a payment system”
Apple is first to implement the standard developed by banks and credit card companies called EMVco.
So what exactly are crying about.
If tomorrow Samsung says we developed the H265 encoding patents.
So Apple is not suppose to use that.
It’s kinda late if you are still in the talking stage.
Yeah, sorry even though this may be copying Apple’s strategy, if you are angry that samsung is not screwing over their customers by using a less secure system just to appease some sense that copying a token system is wrong, I think the something that is wrong is you. People should be applauding the spread of higher security transactions that limit fraud, yet here you are trying to hold others back.
Oh dear, Samsung having delusions of relevance again. Makes about as much sense as them having their own developer conference…
Admit it, they lost you at ‘LoopPay’… 🙂
I tend to not applaud how closely commodity manufacturers copy important and original work. That Samsung didn’t—and couldn’t—bring this idea to market first clearly defines their value to me.
But for the sake of Samsung’s non-tech-enthusiast customers, I sincerely hope this knockoff is actually more secure than whatever Samsung was previously using. I genuinely hope we don’t ever hear about a significant LoopPay security failure. But I have a feeling we will.
I personally know at least one Android enthusiast who will embrace this news as a triumph over the purveyor of a “morally deficient” operating system.
I wonder why they wouldn’t just tap into Google Wallet, which uses tokens (has for a while). I’m trusting with my data but when I first heard of this I cringed at giving Samsung my payment data.